Aptiv PLC, one of the world’s big three autonomous driving technology companies, has agreed to invest 50 billion won ($39 million) in StradVision Inc., a South Korean self-driving startup, for a 15% stake.
The investment will make Aptiv, Hyundai Motor Co.'s US business partner, a strategic investor and the second-largest shareholder of StradVision, investment banking sources said on Wednesday.
Established in 2014, StradVision is an automotive industry pioneer in artificial intelligence-based vision processing technology for advanced driver assistance systems (ADAS).
Founder and Chief Executive Kim Jun-hwan is the largest shareholder with a 22.2% stake. Other major Korean shareholders include Hyundai Mobis Co. (6.38%), Hyundai Motor (4.44%) and LG Electronics Inc. (2.7%).
In March, ZF Friedrichshafen AG, a German auto parts maker that is also known as ZF Group, acquired a 6% stake in StradVision, becoming its third-largest shareholder.
Hyundai Motor's IONIQ 5 Level-4 autonomous driving robotaxi StradVision’s SVNet software allows vehicles to accurately detect and identify objects such as other vehicles, lanes, pedestrians, animals, free space, traffic signs and lights – even in harsh weather conditions or poor lighting, according to the company.
The software relies on deep learning-based perception algorithms, which require a relatively small amount of memory and power. The StradVision software is currently used in high-volume models of ADAS and autonomous driving vehicles.
CEO Kim, a serial entrepreneur, established Olaworks Co., a face recognition technology startup, in 2006, which was sold to Intel Corp. for 35 billion won in 2012.
PILOT ROBOTAXI SERVICE IN LAS VEGAS
Spun off from a General Motors Co. parts supplier, Aptiv’s shares are listed on the New York Stock Exchange, boasting $26.4 billion in market capitalization.
Hyundai's IONIQ 5 Level-4 autonomous driving robotaxi In the US., Motional Inc., a joint venture between Hyundai Motor Group and Aptiv, has been offering a pilot robotaxi service with Hyundai’s all-electric IONIQ 5 crossover on public roads in Las Vegas since 2018.
Hyundai and Motional aim to launch a fully driverless ride-hail service in Las Vegas by 2023 in partnership with US ride-sharing platform Lyft.
According to a 2019 report by US market intelligence and advisory firm Navigant Research, which last year was renamed Guidehouse Insights, Aptiv ranked third in autonomous driving technology, following Google parent Alphabet Inc.’s Waymo and GM’s self-driving unit Cruise LLC.
Write to See-Eun Lee and Jun-Ho Cha at see@hankyung.com In-Soo Nam edited this article.
