Mobiltech: 1st investment for Hankook fund

In May we shared that Hankook & Company Co., Ltd., the holding company of Hankook Tire & Technology Co., Ltd., had established a fund the previous month to facilitate the securing of a new growth engine. The company reports that this business portfolio, named S.T.R.E.A.M., has made its first investment. It has invested in Mobiltech, an artificial intelligence-based spatial information and service start-up, and is now contemplating potential joint projects with Hankook Tire.

Since founding S.T.R.E.A.M., Hankook & Company has sought to increase innovation through fostering start-ups, venture capital and cooperating with venture capitalists to discover future growth engines. This led to the company setting up the ‘STREAM Fund’ with We Ventures, a Korean venture capital firm that has achieved rapid growth in the two years since it was established.

Hankook & Company says the aim of this fund is to “pre-emptively recognise early start-ups in the S.T.R.E.A.M. fields and aid growth of these companies.” Fund of Funds operated by Korea Venture Investment Corp. and many financial institutions are participating as well. Hankook & Company states it will also “fulfil its corporate social responsibility” by sharing the infrastructure and best practices of its core Hankook Tire affiliate with the start-ups it works with.

High precision 3D data

Founded in 2017, Mobiltech offers highly accurate 3D mapping solutions. It developed 3D spatial information related hardware and software with its original technology, and provides 3D precision maps to many customers such as Phantom AI.

Hankook & Company anticipates rapid growth within the global market for high-precision 3D data through the commercialisation of autonomous mobility services. It is also considering potential collaboration opportunities between Hankook Tire and Mobiltech, leveraging Mobiltech’s vast business domain and business development capabilities. Going forwards, Hankook & Company plans to review investment in several start-ups to expand capabilities for future growth.