[Asia Times=Reporter Gwanghyeon Cho] Hyosung Ventures, a company-led venture capital (CVC) of Hyosung, is investing in artificial intelligence (AI) small giants and nurturing new growth engines to target future markets.

Hyosung Ventures announced on the 22nd that it has invested 2 billion won each in Persona AI and Better Y, two small but strong companies in the domestic AI and battery fields.

This investment is in accordance with the future new business fostering strategy that Hyosung, which has secured No.1 technology in the global manufacturing market such as textile, chemical, heavy industry, and new materials, must expand beyond the manufacturing sector to the future high-tech market such as AI.

Persona AI, invested by Hyosung Ventures, is Korea's first company to develop a cloud-based conversational AI solution. In the future, synergies are also expected through collaboration with Hyosung ITX.

Battery Y acquires data through BMS (Battery Diagnosis System) of electric vehicles and ESS (Energy Storage System), provides battery cell unit status information in real time using cloud technology, and diagnoses the entire life cycle of the battery (BaaS). ) have the skills. We can expect collaboration with Hyosung Heavy Industries' ESS business division.

Hyosung Ventures selected companies that have converged and applied AI technology as investment targets in accordance with the Ministry of Trade, Industry and Energy's purpose of forming a fund to create future food for high-tech industries and advance key industries.

Previously, Hyosung Ventures was selected as a fund consignment manager of the Korea Institute for Advancement of Technology (KIAT) under the Ministry of Trade, Industry and Energy at the end of last year. In March of this year, Hyosung Ventures invested 1 billion won, Hyosung Group 30 billion won, and KIAT invested 20 billion won to form the 'Hyosung CVC Scale-up New Technology Business Investment Fund No. 1' fund with a total scale of 51 billion won. This is the first operating project.

Chairman Hyun-Jun Cho said, “Hyosung is actively working to innovate Hyosung’s manufacturing technology through digital transformation in line with the era of the 4th industrial revolution.” At the same time, we will grow into a high-tech company that goes beyond a manufacturing company.”

Hyosung Ventures plans to continue investing in small giants and startups with innovative technologies.

Source: Reporter Cho Kwang-hyun, Asia Times