Hyundai Motor Group announced signing Memorandum of Understanding with Infineon Technologies AG to incubate promising startups from Singapore and Korea who are preparing to conduct businesses in Southeast Asia.
The Group launched Hyundai CRADLE Singapore in August 2021 to work with startups in the fields of smart factory, smart city, mobility and logistics. To provide professional support for local startups, the Group decided to partner with Infineon, which launched the Co-Innovation Space in Singapore in 2018.
Through the partnership, Hyundai CRADLE Singapore and Infineon will work together to nurture selected startups from Singapore and Korea to discover innovative technologies for Southeast Asian markets. Infineon will provide technological support and mentoring to develop technologies of selected startups before they go into proof of concept (PoC) projects with the Group.
Hyundai CRADLE is the Group’s corporate venturing and open innovation business. It partners with promising global startups, extensively investing to accelerate the development of advanced future technologies that align with the company’s long-term strategic direction around mobility services, smart cities and eco-friendly technologies.
“Infineon has been a great partner for Hyundai as a supplier and we are delighted to expand our cooperation by collaborating with innovative startups in Singapore. And, I believe that Hyundai and Infineon’s collaboration in sensing new technologies in different fields could bring great opportunities in Southeast Asia.” President and Chief Innovation Officer of Hyundai Motor Group, Dr. Youngcho Chi said.
“In an environment of rapid electrification and digitalization, creativity and innovation require collaboration across multiple knowledge domains. Co-innovation is critical to business success,” said Dr. Helmut Gassel, Infineon Technologies AG’s CMO and member of its management board. “We are thrilled to work together with Hyundai, a global enabler in future technologies. By bringing in our system expertise and industrial background as well as easy-to-integrate semiconductor solutions, we will foster the startup ecosystem and help startups to ride the megatrends for growth.”
Through the collaboration, the Group and Infineon will contribute to vitalizing the local economy in Singapore by helping startups enhance their capabilities and establish competitive business models to create a solid start-up ecosystem to lead innovation and act as a future growth engine.
The Group and Infineon, beginning with a program focused on Southeast Asian markets, plans to seek ways to further expand the collaboration in the field of discovering and nurturing outstanding startups globally, going forward.
Hyundai CRADLE’s efforts to foster an innovation ecosystem in Singapore is part of the Group’s overarching HMGICS initiative. To be completed at the end of 2022, Hyundai Motor Group Innovation Center in Singapore (HMGICS) is an open research and development facility for the Group’s future mobility initiatives built in Singapore’s Jurong Innovation District (JID). The innovation lab will revolutionize the mobility value chain of the future with innovative technologies and business models.