​SK Telecom, Hyundai to Create $45m AI Fund

​SK Telecom, Hyundai to Create $45m AI Fund Image Credit: ELEMENT AI

Element AI, a Montreal-based artificial intelligence company that delivers groundbreaking AI solutions, announced it has established a joint $45M fund with Korean conglomerates SK Telecom, Hyundai Motor Company, and Hanwha.

The new fund leverages each partner’s unique value and targets the most promising sectors of commercial AI applications and infrastructure, specifically emerging AI-based technologies including autonomous vehicles, household robots, manufacturing, drones, and hardware.

The $45M fund will be actively managed by the three Korean companies with investment advisory by Element AI. Capital will be deployed to leading AI companies over the next 36 months.

The fund is designed to use Element AI’s extensive domain knowledge, cutting edge research and proprietary pipeline to source, assess, and invest in startups focused on applying AI in advanced technologies.

SK Telecom, Hyundai Motor Company and Hanwha’s data and deep industry expertise combined with Element AI’s artificial intelligence knowledge will both differentiate the fund in the market and add immense value to portfolio companies.

Ryu Young-Sang, EVP and Head of Strategy and Planning Division, SK Telecom
SK Telecom is leading the Korean AI industry by launching NUGU, the first AI speaker service in Korea, and by introducing the world's first 5G Connected Car.

Dr. Youngchi Chi, Chief Innovation Officer and Head of Strategy & Technology Division, Hyundai Motor 
We are pleased to join this great collaboration project with passionate partners who know their space. We look forward to contributing to the building of an ecosystem for the promising startups within the AI and autonomous driving industry.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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