Four in-house startups born out of the ideas and enthusiasm of Hyundai employees are embarking on a new journey as independent companies.
Hyundai Motor Group has spun off four promising in-house startups: ‘Mobin’, ‘Applause’, ‘Surf Company’, and ‘CarEdit’.
These four startups are focused on introducing specialized services in various areas: ▲ ‘Mobin’ develops autonomous delivery robots and provides last-mile delivery services; ▲ ‘Applause’ offers an AI-based service that selects and plays customized music based on the space; ▲ ‘Surf Company’ operates a platform for real-time sharing and intermediation of shipping capacity among logistics companies; and ▲ ‘CarEdit’ provides solutions for predicting car parts lifespan and maintenance costs through vehicle data analysis.
‘Mobin’ provides specialized services in the last mile (the final stage of delivery to the consumer) through self-developed autonomous delivery robots.
The primary advantage of ‘Mobin’s developed delivery robot is its ability to deliver orders right to customers’ doorsteps anytime, anywhere. It can navigate stairs thanks to rubber wheels and is capable of autonomous driving both day and night using LiDAR and cameras. Additionally, its unrestricted mobility suggests a high potential for use in various areas, including parcel and food delivery, as well as security patrols.
‘Applause’ operates a service that automatically selects and plays space-specific customized music based on artificial intelligence technology.
This service reflects real-time factors such as external conditions like time and weather, and the purpose, characteristics, and preferences of visitors identified through entry systems and kiosks within the space. It is also operational at Hyundai Motor Group’s headquarters in Yangjae.
‘Surf Company’ has developed a platform for real-time sharing and trading of cargo loading space on vessels to ensure smooth maritime logistics.
Previously, logistics companies faced hurdles when they couldn’t directly confirm available capacity with shipping companies, resulting in logistics issues or incurring costs for unused capacity due to sudden fluctuations in cargo volume.
The cargo capacity sharing platform developed by ‘Surf Company’ allows for real-time sharing of shipping capacity status by company and vessel, facilitating smooth maritime environments through inter-company trades of underutilized capacity.
‘CarEdit’ has developed a solution to predict component lifespan and repair costs by collecting maintenance history data for each vehicle.
Using big data accumulated from individual vehicle data, it features the ability to provide diagnosis and repair cost estimates just by entering basic vehicle information, without inspecting the vehicle’s exterior. Plans are in place to provide this database to the automotive aftermarket, including used car dealers, insurance firms, and vehicle finance companies.
Additionally, each startup has received various awards recognizing their competitiveness even before the spinoff.
‘Mobin’ received the grand prize at the ‘Gyeonggi Startup Competition’ hosted by the Gyeonggi Provincial Government in 2022, while ‘Surf Company’ won the grand prize at the ‘KDB Startup Contest’ held by the Korea Development Bank, and ‘CarEdit’ was awarded at the ‘Women Young Entrepreneurs Challenge’ hosted by the Korea Women Venture Association in the same year.
Hyundai Motor Group has been running the in-house startup accelerator program ‘Venture Plaza’ since 2000, which was renamed to ‘Zero One Company Builder’ in 2021, expanding its business selection scope beyond the automotive field.
Selected startups receive up to 300 million KRW in development funding and go through a year-long product/service development and commercialization period, after which decisions are made on whether they will spin off or be commercialized in-house. Moreover, to alleviate concerns, they also have the opportunity to rejoin the company within three years of spinning off.
A representative from Hyundai Motor Group stated, “We have selected and nurtured a total of 76 teams, and as of this year, 30 companies have been independently spun off,” adding, “We will continue to foster innovative and creative startups in various fields alongside active open innovation activities.”
Jin Sang Lee daedusj@autodiary.kr