Six More Hyundai Motor Group In-house Startups Spin Off Independently... Total of 22 Companies Spun Off

[Asia Economy Reporter Kim Hyewon] Six in-house startups of Hyundai Motor Group are starting anew as independent companies.

Hyundai Motor Group announced on the 15th that it has spun off six promising in-house ventures?'Jenswell', 'Poen', 'Coconut Silo', 'Supermove', 'Gluri', and 'Pitriks'?from June to this month.

The six companies consist of four that provide mobility-related parts and services (Jenswell, Poen, Coconut Silo, Supermove) and two that operate AI-based businesses (Gluri, Pitriks). They will advance not only in automotive-related businesses but also into new business areas with marketability and innovation, collaborating with Hyundai Motor Group in various operations.

2020 Startup Spin-offs

Jenswell produces control parts for vehicle sounds such as engine sound, exhaust sound, and vibration woofer seats, and supports tuning services. Engine sound is implemented through an Electronic Sound Generator (ESG), and exhaust sound through an active variable exhaust device. The ESG amplifies engine vibrations via a vibrator to create engine sound, while the active variable exhaust device uses electronic equipment to alter the exhaust gas passage, generating exhaust sound. Both systems allow drivers to select sounds according to their preferences. The vibration woofer seat transmits seat vibrations to the driver’s and passenger’s seats based on audio sources and provides feedback (vibration warnings) linked to safety and convenience features.

Poen has developed an energy solution that reuses high-voltage batteries generated from the disposal of electric vehicles such as hybrid electric vehicles (HEV), electric vehicles (EV), plug-in hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV). It evaluates the aging and safety of high-voltage batteries; batteries with high charging efficiency are repurposed as battery packs for small electric mobility devices like electric bicycles and electric kickboards, while batteries with low charging efficiency are combined to create energy storage devices that provide various charging services.

Coconut Silo offers a freight transportation platform service in Vietnam. When customers request freight transport, the service connects logistics companies and truck drivers to provide faster and more affordable transportation. Coconut Silo is conducting various verification processes to expand its truck customer base and secure profitability. Once verification is complete, it plans to apply the results to the platform to strengthen service competitiveness and expand its entry into the freight transportation market.

Supermove operates an integrated mobility service (MaaS, Mobility as a Service) that allows users to access various urban transportation modes through a single application. It integrates public transportation, taxis, car-sharing, bicycles, kickboards, shuttle buses, and more to recommend optimized routes and support rental, reservation, and call services, providing customers with an easier and more convenient mobility environment. Supermove plans to introduce subscription services and train ticket booking services for KTX, SRT, and others to enhance customer mobility convenience.

Gluri provides Korean language learning services using AI technology. It analyzes and processes natural language spoken by people in Korean videos through artificial intelligence to automate the creation of learning content, helping customers learn Korean tailored to their purposes. In the future, personalized features that analyze customers’ learning progress and achievements and provide content suitable for their learning level, as well as remote interview practice services, will be added.

Pitriks offers AI-based personalized fitness services. It quickly and accurately analyzes customers’ biometric information captured by cameras installed in fitness facilities using AI technology and provides feedback tailored to individual characteristics. Using biometric data along with analyzed customer type information, it supports unstructured, immediate, and flexible fitness management. In the future, by installing sensors inside vehicles to collect passengers’ biometric information, it plans to enable ▲analysis of stress, drowsiness, alcohol concentration, electrocardiogram, etc., with warnings when necessary ▲adjustment of airbag deployment speed and direction based on posture detection of passengers’ body parts ▲various active vehicle controls such as seat settings, air conditioning direction, HUD position, and room/side mirror adjustments considering physical condition.

Hyundai Motor Group has operated the in-house startup nurturing program 'Venture Plaza' since 2000 to support employees with creative ideas and generate momentum for future new businesses. In 2018, the program was renamed 'H-Startup' and expanded its business selection scope from mainly automotive to various fields.

To support H-Startup, Hyundai Motor Group conducts evaluations for employees who submit ideas through document screening, interviews, workshops, and presentations, providing selected companies with opportunities for product and service development and commercialization for one year, along with up to 300 million KRW in development costs.

After one year, business feasibility, financial plans, and entrepreneurial intent are reviewed to decide on spin-off or in-house commercialization. Additionally, to reduce the burden on employees entering new fields, re-employment opportunities are provided for up to three years after spin-off.

Even after startup spin-offs, Hyundai Motor Group supports business development and expansion, funding, and overseas expansion through its open innovation center, Hyundai Cradle, to enhance corporate competitiveness.

Through this system, Hyundai Motor Group has selected and nurtured 58 teams and spun off 22 companies to date. This year, starting with the spin-off of 10 in-house startups, the group plans to nurture and spin off about 10 in-house ventures annually.

A Hyundai Motor Group official said, "We will continue active open innovation activities and efforts to discover and commercialize creative ideas to transform into a smart mobility solution company that provides customers with seamless freedom of movement and differentiated personalized service experiences."