Hyundai Motor Group spins off three in-house startups

The group has incubated 76 teams through ZER01NE Company builder program including Eficar, Hcharge Lab, and 3I Solution

Nan-Sae Bin 1

2023-11-21 15:15:17 binthere@hankyung.com

Korean startups

Hyundai Motor Group announced on Tuesday it spun off three in-house startups Eficar, Hcharge Lab, and 3I Solution.

Eficar provides a service that allows users to compare information and cost estimates for eco-friendly automotive replacement parts.

These parts include both used and remanufactured components that adhere to strict performance and safety standards.

Hcharge Lab offers an advanced electric vehicle charging service with fast chargers equipped with power line communication (PLC) technology.

Its services include a plug and charge (PnC) feature for automatic charging and payment upon connection, and protection against overcharging with features like battery monitoring and scheduled charging.

3I Solution has created an industrial neutron composition analyzer to enhance production efficiency.

To support entrepreneurial growth within the company, Hyundai Motor Group has been operating the Venture Plaza in-house startup nurturing program since 2000.

In 2021, it was rebranded as ZER01NE Company builder, broadening its scope to encourage and develop various in-house startups from different sectors among Hyundai Motor Group employees.

Startups selected for this program receive up to 300 million won ($230,000) in development funding and embark on a one-year journey to develop their products and services toward commercialization.

Their potential for either spinoff or integration within the company is evaluated during this period.

With the spin-off, Hyundai Motor Group is set to invest 100 million won in startup shares and may consider further investments based on the startups' collaboration with the group. Additionally, the group provides a safety net for employees venturing into startups, offering them the chance to return to the company within three years.

"To date, we have identified and nurtured a total of 76 teams, with 36 startups achieving independent spinoff status as of this year," a Hyundai Motor Group source said.

Write to Nan-Sae Bin at binthere@hankyung.com