Nexen Tire has roped in Silicon Valley’s market accelerator, Plug and Play, for future technology development and business initiation in the tyre/mobility industry. The partnership will also enable Nexen Tire to realise its ‘open R&D’ philosophy through strategic collaborations and partnerships with firms specialising in tyre technology.
The two companies announced the joint effort at Plug and Play’s Summer Expoin California, US, which was attended by major OEMs, automotive suppliers, venture capitalists, and startups.
Just as South Korea’s Nexen Tire is known for its advanced tyre production for passenger cars, SUVs and light trucks around the world, Plug and Play was an early investor in global firms such as PayPal, Lending Club and Dropbox, all of which exhibit successful portfolios after Plug and Play’s active community networking and funding. Now, Plug and Play, together with Nexen Tire, is hoped to build a global network of innovative start-ups and services in the tyre and mobility industries.
Don Lee, Executive Director of Nexen Tire (America) said the company seeks to build stronger technological and business presence while also transforming into an innovative global corporation that contributes to the start-up ecosystem.
Sobhan Khani, Plug and Play’s Vice President of Mobility thus commented, “We are delighted to have another global corporation join our platform; We hope this partnership will serve as an opportunity for both Nexen Tire and Plug and Play in nurturing an innovative business ecosystem for the automobile industry.”