Hyundai ENG to Support Startups with 2 Billion KRW Research Fund... "Fostering Smart Construction Technology"

[Asia Economy Reporter Yuri Kim] Hyundai Engineering announced on the 14th that the 'Smart Construction Technology Contest,' held as part of its open innovation strategy to lead smart construction technology, was successfully concluded with participation from domestic small and medium-sized enterprises, university (graduate) students, and research institutions.

The contest was conducted under the theme of 'Smart Construction Technology in the Architecture & Housing Sector Applying 4th Industrial Revolution Technologies.' Hyundai Engineering stated that it selected a total of nine technologies, including seven joint research technologies and two immediately applicable technologies, through a rigorous first and second evaluation process covering various criteria such as technical feasibility, planning, practicality, and business potential.

The seven technologies selected as joint research technologies with Hyundai Engineering will receive continuous R&D collaboration and investment support through open innovation. The two technologies that can be immediately applied to business will have test beds established on-site to support the demonstration phase, and through business feasibility verification and technical supplementation, the completeness of the technologies will be enhanced.

Hyundai Engineering is securing smart construction technologies through an open innovation approach according to the '2025 Smart Construction Technology Vision Roadmap.' It explained that it will support approximately 2 billion KRW in research funds over three years for the winning technologies of this contest and will actively foster startups through joint technology development.

For small and medium-sized companies selected for joint research technologies, Hyundai Engineering plans to support technology development costs, provide sites for demonstration testing, and assist with patent applications, aiming to resolve practical difficulties in the commercialization stage and help complete the technologies.

Hyundai Engineering is conducting various technology developments through its open innovation strategy. In March, it developed 'Construction Technology for Irregular Buildings Using Robots & 3D Printing' in collaboration with the construction robot startup 'BAT' and completed the construction of an actual structure.

Hwang Heon-gyu, Vice President and Head of the Architecture Business Division at Hyundai Engineering, said, "We will actively support and cooperate on technology to ensure that the winning smart construction technologies can be realized, and we will work together for successful commercialization."

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