Three in-house startups born from the ideas and passion of Hyundai Motor Group executives and employees are making a new start as independent companies.
Hyundai Motor Group announced on the 21st (Tuesday) that it had spun off three promising in-house startups, including ‘Epic Car’, ‘H Charging Research Institute’, and ‘3I Solution’.
The three startups are ▲’Epic Car’, which operates a platform that provides information on eco-friendly parts to reduce repair costs, ▲’H Charging Research Institute’, which provides an advanced charging experience with a slow charger equipped with a PLC module, and ▲’to improve production efficiency. ‘Three Solutions’ develops industrial neutron composition analyzers.
‘Epic Car’ provides information on eco-friendly parts and a cost comparison service.
Eco-friendly parts refer to used and remanufactured parts that have no defects in performance or safety. Using eco-friendly parts can contribute to energy conservation and reduction of carbon emissions through resource recycling, and also reduce vehicle maintenance and repair costs.
‘Epic Car’ not only recommends eco-friendly parts information suitable for the vehicle, but also provides an agency service to pay insurance company refunds for maintenance using eco-friendly parts.
‘H Charging Research Institute’ provides advanced charging services with an electric vehicle slow charger equipped with a PLC (Power Line Communication) module.
The slow charger from ‘H Charging Research Institute’ provides more functions than existing slow chargers, such as PnC (Plug and Charge), which automatically performs charging and payment just by inserting a charging plug, preventing overcharging by identifying battery information, and setting charging reservations.
‘H Charging Research Institute’ plans to advance PLC communication and two-way power transmission functions in the future and link it to the V2G (Vehicle to Grid) business.
‘Three Solutions’ develops an industrial neutron composition analyzer and provides a solution that can dramatically improve production efficiency.
In industries such as steel, non-ferrous metals, and waste batteries, accurate identification of raw material components is directly related to quality and cost reduction, so it is important to quickly and accurately identify large amounts of raw material components.
‘3I Solution’ has developed a neutron composition analyzer capable of real-time comprehensive inspection, which not only reduces the time required to identify ingredients but also improves quality.
Hyundai Motor Group has been operating ‘Venture Plaza’, an in-house startup development program, since 2000.
In 2021, the name was changed to ‘Zero One Company Builder’, and various in-house startups outside the automobile field are being selected and fostered by Hyundai Motor Group executives and employees.
Selected startups will receive support for development costs of up to 300 million won. It will go through a one-year product/service development and commercialization period, and during this process, it will be evaluated for spin-off or in-house commercialization.
Hyundai Motor Group plans to participate in the startup’s equity through an investment of 100 million won at the time of spin-off and make additional investments depending on whether collaboration with the group is expanded.
In addition, in order to ease the burden on executives and employees participating in the startup, re-employment opportunities are provided for up to three years after spin-off.
An official from Hyundai Motor Group said, “So far, a total of 76 teams have been selected and fostered, and 36 startups have been independently spun off as of this year,” adding, “We will continue to actively engage in open innovation activities and make efforts to discover and commercialize innovative and creative ideas from our employees in various fields. “We will continue to do so,” he said.