Hyundai Motor is considering increasing its stake in South Korea-based Lidar-Free or acquiring it outright autonomous mobility platform 42dotthe latest signal of his growing interest in the fast-growing space.
A spokesperson for 42dot told TechCrunch that the startup is in talks with Hyundai Motor, but warned that terms such as stake size and deal valuation have not yet been finalized. Hyundai Motor did not immediately respond to requests for comment.
Hyundai currently owns a 20.4% stake in the three-year-old startup, while Chang-Hyeon Song, co-founder and CEO of 42dot, who interestingly also leads the Transportation-as-a-Service (TaaS) team at Hyundai Motor, A stake of 36.19% was held from December 2021 Application for approval by 42dot. The rest is owned by venture capital firms and strategic investors, including LG Electronics, SK Telecom, Lotte Rental, CJ Logistics and LIG Nex1.
The ongoing deliberations signal Hyundai Motor’s accelerated efforts to strengthen its autonomous driving technology, which is in line the Korean automaker’s grand plan to invest $79 billion (95.5 trillion WON) by 2030 in software technology for autonomous driving and electric vehicle related businesses. Hyundai Motor, which has announced it will secure 7% of the global electric vehicle market by 2030, earmarked US$9.2 billion (WON12 trillion) for investments in connectivity and software for autonomous driving.
The news comes nearly nine months after 42dot raised $88.5 million valued at approximately $425 million in its Series A funding round to expand its TaaS service and Urban Mobility Operation System (UMOS). accelerate.
Local South Korean media Korean Economic Daily first reported the news, citing anonymous sources, that Hyundai is in talks to invest at least WON 400 billion (~US$306.4 million) in 42dot. According to the newspaper, Hyundai approached 42dot for the acquisition in June. The proposed deal could be finalized as early as this month, the newspaper said.
Founded in 2019 by former Apple, Microsoft and Naver alum Song, 42dot has developed Akit, a self-driving software and hardware solution, and TAP, an autonomous mobility and logistics platform that offers a range of services such as ride-hailing, fleet management, needs-based transport, intelligent logistics and more.
Hyundai Motor eyes acquisition of Korean lidar-free self-driving startup 42dot – TechCrunch Source link Hyundai Motor eyes acquisition of Korean lidar-free self-driving startup 42dot – TechCrunch