Supports Collaboration Between Hyundai Kia Motors Partners and Venture Companies

Recruitment of Participating Companies for the 2020 Hyundai·Kia 1st Tier Suppliers-Venture Companies Technology Cooperation Support Project

[Asia Economy Reporter Kim Cheol-hyun] The Korea Venture Business Association (Chairman An Geon-jun) announced that from the 27th of this month until the 15th of next month, it will recruit ventures and startups wishing to collaborate technologically with Hyundai Kia Motors' first-tier suppliers. This project has been promoted since 2018 to lead changes in the future mobility paradigm through collaboration between venture companies possessing innovative technologies and Hyundai Kia Motors' first-tier suppliers.

Last year, gasket manufacturer Ulbrin Korea and piston wear-resistant coating producer Samil Mulsan, who participated in the project, are currently developing coatings to improve gear shift performance in automobile transmissions, while automotive door trim manufacturer Seoyeon Ihwa is conducting performance evaluations together with Plastal Co., Ltd., which possesses dissimilar material bonding technology, to develop vehicle interior and exterior parts with enhanced bonding performance between plastic and steel.

Ventures and startups participating in the project can propose collaboration models utilizing their own technologies, products, and services to 28 first-tier suppliers pre-selected by Hyundai Kia Motors. After review, companies with high potential may proceed with joint research and development, direct purchasing, outsourcing, and other forms of collaboration. Additionally, excellent collaborative outcomes between the two parties can be proposed to Hyundai Kia Motors, which will consider applying the proposed results to finished vehicles.

The Korea Venture Business Association will manage the entire process from application to negotiation and will sign a tripartite non-disclosure agreement to prevent potential technology leaks during the process, thereby protecting the intellectual property rights and ideas of participating companies. A representative of the Korea Venture Business Association stated, "Due to COVID-19, restrictions on production, sales, and exports have brought a crisis to Korea's core industries," adding, "We will strive to build a cooperative ecosystem that leads the future automotive industry and prepares for the post-COVID era through technological collaboration between traditional manufacturing and venture companies."

This content was produced with the assistance of AI translation services.