"Additional 2 Billion KRW" Hyundai Motor and Kia Follow-up Investment in Vehicle Semiconductor Startup
System Semiconductor Design and Development Boss Semiconductor
Conditional Share Purchase Agreement Method
Hyundai Motor Company and Kia announced on the 28th that they have made a follow-up investment of 2 billion KRW in the startup Boss Semiconductor, which develops automotive semiconductors. This is the second investment following the one made through Zero One Fund No. 2, an open innovation platform established last August for startup investments.
Boss Semiconductor is a fabless company (specializing only in the design and development of system semiconductors) that designs and develops system semiconductors optimized for customers' automotive software and requirements. Their goal is to grow into a global-level fabless company based on high-performance, low-power semiconductor design technology essential for automotive semiconductors, safety and reliability-related technologies, and AI semiconductor technology competitiveness required for autonomous driving.
![Employees are taking photos at the Boss Semiconductor office located in Pangyo Silicon Park. <br>[Photo by Hyundai Motor Group]](http://www.asiae.co.kr/news/img_view.htm?img=2023062808413278502_1687909293.jpg)
Employees are taking photos at the Boss Semiconductor office located in Pangyo Silicon Park.
[Photo by Hyundai Motor Group]
This investment was made through a Simple Agreement for Future Equity (SAFE), a conditional equity acquisition contract that provides investment funds first to startups whose valuation is difficult to determine, and later determines the investor's equity based on the valuation at the time of follow-up investment.
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Hyundai Motor Company and Kia plan to strengthen strategic collaboration with Boss Semiconductor through this investment to promote the development of customized automotive semiconductors applicable to electric and autonomous vehicles.
A Hyundai Motor Company and Kia representative stated, “The importance of optimized and differentiated high-performance semiconductors is increasing in the rapidly changing automotive and future mobility markets,” and added, “We will build a close partnership with Boss Semiconductor to develop some customized automotive semiconductors.”
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