Nexen Tire CVC Subsidiary Invests in US UAM Startup

The First UAM Sector Investment by a Domestic Tire Company

[Asia Economy Reporter Ki-min Lee] Nexen Tire announced on the 20th that its Silicon Valley venture capital (CVC) subsidiary, Next Century Ventures, will invest in the U.S. urban air mobility (UAM) startup 'ANRA Technologies' on the 20th.

This is the first time a domestic tire company has invested in UAM. ANRA Technologies is a startup developing Uncrewed aircraft system Traffic Management (UTM) technology, which is part of the UAM sector.

UTM is an essential technology in the UAM field, acting as the air traffic control tower for UAM. ANRA Technologies is conducting UTM projects with NASA, the Federal Aviation Administration (FAA), and the European Union Aviation Safety Agency (EASA). Nexen Tire explained that ANRA Technologies is the only UTM company providing commercial services to both NASA and EASA.

Moreover, the company is expanding its business by forming partnerships with private companies such as 'Swiggy,' known as the 'Baedal Minjok' of India.

A representative from Next Century Ventures stated, "We are focusing on innovative technologies and businesses that can change the landscape of mobility. At the same time, we feel a social responsibility to discover good technologies that can bring positive changes to humanity's life, and we are continuously seeking new technologies while envisioning our future daily lives."

Meanwhile, Nexen Tire, together with its holding company Nexen, established Next Century Ventures, a venture capital subsidiary in Silicon Valley, in March this year, becoming the first domestic tire industry company to do so.