FKI Mentors 5 Spin-off Startups Including Hyundai Motor in AI and LiDAR

Proceeding with 9 Advisory Members Including Former Hyundai Motor Executives

[Asia Economy Reporter Moon Chaeseok] The Federation of Korean Industries (FKI) Small and Medium Business Cooperation Center, together with Hyundai Motor Company’s Open Innovation Investment Office, successfully held the 'Spin-off Startup Mentoring Day' on the 13th at Dreamplus Gangnam.

The FKI Management Advisory Group planned the event to help improve the competitiveness of five startups that began as in-house startups within the Hyundai Motor Group and have spun off in the past two years. This event is the first joint project between the two organizations.

The five startups are Bodae AI (Cloud AI Machine Vision Platform), Datamond (Point Monster App), AutoL (Core Sensor LiDAR for Autonomous Driving), Wondermove (AI-based White Label Solution), and Coconut Silo (Vietnam Freight Transport Platform).

The five companies received consultations on current issues such as management strategy, marketing, and overseas expansion.

Park Cheolhan, head of the center, said, "We held Mentoring Day with Hyundai Motor to help spin-off startups wisely overcome the 'death valley' commonly experienced by companies in their 3rd to 7th years and scale up." He added, "Advisory committee members, who are former Hyundai Motor executives with experience in overseas business and exports, attended to encourage the juniors to survive in the fierce startup ecosystem."

Mentor Lee Wonsun said, "Even if they had concerns until now, there probably wasn’t an easy place to open up. Think of me as a close senior, and feel free to ask anytime; I will gladly answer."

Hyundai Motor Group has operated an in-house startup system since 2000. Last year, it integrated the creative talent development platform 'ZER01NE' with its brand, expanding the selection scope to various new business fields related to the automotive industry. Up to this year, 76 teams have been selected and nurtured, and 26 startups have spun off.

FKI and Hyundai Motor Group announced that starting with mentoring, they will expand the mentoring target not only to spin-off startups but also to all startups being nurtured through the ZER01NE Company Builder (in-house startup system).

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