Hyundai Motor Group Spins Off 3 In-House Startups... Concurrent Equity Investment

Three in-house startups of Hyundai Motor Group are starting anew as independent companies.

Hyundai Motor Group announced on the 21st that it has spun off three in-house startups: EpicCar, H Charging Lab, and ThreeEye Solution.

The three startups are ▲ EpicCar, which operates an eco-friendly parts information platform to reduce repair costs ▲ H Charging Lab, which provides an advanced charging experience with a slow charger equipped with a PLC module ▲ ThreeEye Solution, which develops an industrial neutron component analyzer to improve production efficiency.

Last July, representatives of Hyundai Motor Group's in-house startups gathered in one place at the DreamPlus Gangnam Zero One space to take a group photo.
[Photo by Hyundai Motor Group]

First, EpicCar provides information on eco-friendly parts and a service to compare estimated costs. Eco-friendly parts refer to used or remanufactured parts that have no issues with performance or safety. Using eco-friendly parts contributes to energy saving and carbon emission reduction through resource recycling, and also reduces vehicle maintenance and repair costs. EpicCar not only recommends eco-friendly parts suitable for vehicles but also offers an insurance refund payment agency service for repairs using eco-friendly parts.

H Charging Lab offers an advanced charging service with an electric vehicle slow charger equipped with a Power Line Communication (PLC) module. H Charging Lab’s slow charger provides various functions beyond existing slow chargers, such as PnC (Plug and Charge), which automatically handles charging and payment just by plugging in the charging plug, overcharge prevention through battery information monitoring, and charging reservation settings. In the future, they plan to enhance PLC communication and bidirectional power transmission functions to link with the V2G (Vehicle to Grid) business.

ThreeEye Solution develops an industrial neutron component analyzer that provides a solution to dramatically improve production efficiency. In industries such as steel, non-ferrous metals, and waste batteries, accurate identification of raw material components is directly linked to quality and cost reduction. Therefore, it is important to quickly and accurately identify large quantities of raw material components. ThreeEye Solution has developed a neutron component analyzer capable of real-time full inspection, reducing the time required for component identification and enabling quality improvement.

Meanwhile, Hyundai Motor Group has been operating an in-house startup incubation program called 'Venture Plaza' since 2000. In 2021, it was renamed 'Zero One Company Builder,' and it selects and nurtures various in-house startups beyond the automotive field among Hyundai Motor Group employees.

Selected startups receive up to 300 million KRW in development costs. They undergo a one-year period of product/service development and commercialization, during which their spin-off or in-house commercialization status is evaluated.

At the time of spin-off, Hyundai Motor Group participates in the startup’s equity with an investment of about 100 million KRW. Additional investments will be made depending on the expansion of collaboration with the group. To reduce the burden on employees participating in startups, re-employment opportunities are also provided for up to three years after spin-off.

A Hyundai Motor Group official said, "So far, we have selected and nurtured a total of 76 teams, and 36 startups have spun off independently as of this year. We will continue to discover and commercialize innovative and creative ideas from employees in various fields."

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