'Venture Nurturing' Hyundai Motor Group Spins Off 4 In-House Startups as Independent Companies

[Asia Economy Reporter Suyeon Woo] Four in-house startups nurtured by Hyundai Motor Group will newly launch as independent companies this month.

Hyundai Motor Group announced on the 18th that it has spun off four in-house startups?Mycel, PM SOL, Wondermove, and LM CAD?this month.

Since 2000, Hyundai Motor Group has been operating an in-house startup incubation program, selecting and nurturing 53 promising startups and successfully spinning off a total of 16 companies to date. Since 2018, the program’s scope has expanded to include group affiliates, fostering various startups in future promising fields beyond automotive-related technologies.

The newly independent startups?Mycel, PM SOL, Wondermove, and LM CAD?possess technologies such as mushroom mycelium-based bio materials, composite lubricants, community mobility services, and 3D drawing information solutions.

Mycel, which began development in 2016, is a bio-material company developing materials such as vehicle composites and fabrics based on eco-friendly mushroom mycelium. It is preparing to launch designer products targeting the millennial generation. Mushroom mycelium is an eco-friendly material differentiated from existing chemical materials that are highly import-dependent and cause environmental pollution. It is characterized by its applicability across various fields such as mycelium leather and alternative meat.

PM SOL supplies composite lubricants that reduce friction generated during iron powder molding processes and metal powders for 3D printing that realize three-dimensional product designs. It combines the advantages of high heat resistance and high lubricity. Existing 3D printing metal materials on the market have been concentrated in aerospace, power generation, and medical fields due to their high cost, but PM SOL has developed low-cost, high-performance metal powders to expand applicability in the automotive sector.

Wondermove provides a community regular carpool service for office workers commuting based on routes, arrival times, and preferences. This service falls within the scope permitted by the revised Passenger Transport Service Act, which limits operation times and frequency, and it guarantees insurance payments by providing evidence of operation data. A pilot project targeting employees will be operated from the first half of this year, offering mobility services aligned with flexible work schedules and autonomous commuting cultures, with plans for future overseas market expansion.

LM CAD is a 3D drawing information solution company that complements the limitations of existing computer-aided design (CAD) systems. It can be used on general PCs without dedicated equipment and supports the lightening of 3D shape data so that product information can be directly annotated in 3D. Going forward, LM CAD plans to supply products on an annual subscription basis, targeting not only Hyundai Motor Group and its partners but also the global market.

A startup nurtured and spun off by Hyundai Kia Motors

Hyundai Kia Motors has been supporting various development activities to incorporate employees’ new ideas into the automotive-related industry since launching the 'Venture Plaza' program in 2000. Since 2018, the selection scope has expanded to group affiliates to discover ideas in various fields, and collaboration with Hyundai Motor Group will continue in various forms even after spin-offs.

Last year, companies such as Poled, a developer of child car seats, and Tuneit, a provider of smart tuning packages and mobility solutions, successfully completed spin-offs. This year, including the four companies mentioned above, a total of 11 companies will be additionally spun off to continue developing new businesses.

A Hyundai Motor Group official said, "Hyundai Motor Group is exploring new business opportunities in future promising fields while providing employees with opportunities to realize their ideas. In addition, we will continue to collaborate with various domestic and international startups to contribute to the creation of new jobs."

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