Hankook & Co. Sets Up Growth Engine Investment Fund

Hankook & Co. Sets Up Growth Engine Investment Fund

The company selected Mobiltech, a 3-D spatial information startup, as the first investment destination.

Hankook & Co. Ltd., the holding company of Hankook Tire & Technology Ltd., has established a fund with an aim to secure a new growth engine in the future. The first investment destination is Mobiltech, an Artificial Intelligent (AI)-based spatial information and service startup.

Hankook & Co., which launched as an operating holding company in April, announced “S.T.R.E.A.M.” as a new long-term business portfolio in line with the celebration of its 80th anniversary. Each letter from “S.T.R.E.A.M.” delivers the essential directions on where Hankook is headed in terms of future growth strategies. The letter S stands for Smart Energy in the likes of renewable energy and eco-friendly battery; T represents Tire & Core biz. R points to Rising Tech which is to be adapted for business portfolio diversification. Rounding out the acronym; E represents Electrification and A for Automation and efficiency through advanced technology such as robotics, whereas M stands for Mobility as the entire industry.

Ever since, Hankook & Co. has been seeking to increase innovation through fostering startups, venture capital and cooperating with venture capitalists (VC) to discover future growth engine in the S.T.R.E.A.M. segment. As a result, the company set up the “STREAM Fund” with We Ventures, a Korean venture capital fund that achieved rapid growth over the past two years since established. 

The established fund aims to preemptively recognize early startups in the S.T.R.E.A.M. fields and aid growth of these companies. Fund of Funds operated by Korea Venture Investment Corp. and many financial institutions also took part. Hankook & Co. also will fulfill its corporate social responsibility by sharing the infrastructure and best practices of its core affiliate, Hankook Tire, to startups. 

3-D spatial information service startup Mobiltech was selected as the first investment destination of the fund. Founded in 2017, Mobiltech offers highly accurate -D mapping solutions. It developed 3-D spatial information related hardware and software with its original technology, and provides 3-D precision maps to many customers such as Phantom AI.

Hankook & Co. foresees that the global market for high-precision 3-D data will grow rapidly with the commercialization of autonomous mobility services. Hankook & Co. also took consideration into possible collaboration opportunities between Hankook Tire and Mobiltech leveraging Mobiltech’s vast business domain and business development capabilities. Hankook & Company plans to review investment in several startups to expand capabilities for future growth.

You May Also Like

PHINIA Inc. Names New VP & GM, Aftermarket for EMEA

Juan Thomaz has been tasked with continuing to drive growth in the market for the Delphi, Delco Remy and Hartridge brands.

Phinia VP aftermarket EMEA

Phinia Inc. announced the appointment of Juan Thomaz to the role of vice president and general manager aftermarket in the EMEA region. Thomaz will be tasked with continuing to drive growth in the market for the Delphi, Delco Remy and Hartridge brands.

Thomaz takes on the new role at an exciting time for Phinia, which started trading as an independent entity on the New York Stock Exchange in July 2023, following a spin-off from BorgWarner. The business comprises market-leading fuel systems and aftermarket solutions designed to advance sustainability today, and power a carbon-free tomorrow, the company said.

Success with International Logistics, Industry Trade Shows

Jacqueline Russo is principal of Global Expositions, Inc. and consultant with Baker Logistics Consulting, Inc.

Rimac, EVE Team Up on Battery Cell Production in Europe

EVE will focus on cell manufacturing, while Rimac will produce a battery module and pack platform using the cells.

Rimac EVE battery cell production
Hyundai IONIQ 6 Powertrain Recognized by WardsAuto

The sedan was named one of the 2023 Wards 10 Best Engines & Propulsion Systems on Sept. 14.

J.D. Power to Acquire Autovista Group

Autovista Group is a pan-European and Australian automotive data, analytics and industry insights provider.

Other Posts

Schaeffler Increases Equity Interest in H2 Green Steel

Schaeffler will channel its know-how into the development of new steel products, such as green e-steel for electromobility.

Protecting Your Intellectual Property Internationally

Fred Rocafort is dedicated to helping businesses from around the world and across industries protect their brands.

REE Automotive Appoints Board Chairman

Carlton Rose is the former global president of fleet maintenance and engineering at UPS.

Stellantis Opens First Battery Tech Center in Italy

The investment will allow Stellantis to design, develop and test battery packs, modules, high-voltage cells and software.