Hyundai Mobis is investing a total of $20 million in a pair of venture funds based in Silicon Valley. The company has previously invested directly in various global technology leaders, but is diversifying its strategy in hopes that it will be able to secure new partners and keep up with the latest developments in the mobility industry.
The $20 million will be split between ACVC Partners and MOTUS Ventures. Hyundai Mobis is particularly interested in proprietary technology for its own vehicles, and typically spends around KRW 1 trillion on R&D every year. In the past, it has backed companies like the camera sensor maker StradVision and the LIDAR specialist Velodyne. More recently, it made a $5 million investment in the computer vision startup Deep Glint.
The company believes that the arrangement with the two American venture funds will extend its reach and allow it to identify promising technology startups in the US and Europe. Hyundai Mobis is especially interested in companies developing next-generation sensors and those that are doing pioneering work with biometrics and robotics.
The news comes shortly after Hyundai Mobis unveiled a new rear passenger detection system built with radar technology. The company has also released a driver assist system that uses eye tracking and face detection to make sure that drivers are keeping their eyes on the road.