Hyundai to nurture Singapore-based startups

Hyundai has signed a Memorandum of Understanding with German semiconductor manufacturer Infineon Technologies AG to incubate promising startups from Singapore and Korea who are preparing to conduct businesses in South East Asia.

The Group launched Hyundai Cradle Singapore in August 2021 to work with startups in the fields of smart factory, smart city, mobility and logistics. To provide professional support for local startups, the Group decided to partner with Infineon, which launched the Co-Innovation Space in Singapore in 2018.

Through the partnership, Hyundai Cradle Singapore and Infineon will work together to nurture selected startups from Singapore and Korea to discover innovative technologies for South East Asian markets. Infineon will provide technological support and mentoring to develop technologies of selected startups before they go into proof of concept projects with the Group.

The Group and Infineon, beginning with a programme focused on South East Asian markets, plans to seek ways to further expand the collaboration in the field of discovering and nurturing outstanding startups globally, going forward.

Hyundai Cradle's efforts to foster an innovation ecosystem in Singapore is part of the Group's overarching HMGICS initiative. To be completed at the end of 2022, Hyundai Motor Group Innovation Centre in Singapore (HMGICS) is an open research and development facility for the Group's future mobility initiatives built in Singapore’s Jurong Innovation District.