Other investors who participated in the current round include Korean conglomerates SK Group, LG and CJ. As the lead investor, Kia Motors infused as much as $12.5 million capital in CODE42, according to an announcement. The corpus raised will be used by the startup to build its core UMOS (Urban Mobility Operating System) platform, as well as establish the global autonomous transportation-as-a-service ecosystem UMOS Connect.
CODE42 previously raised seed capital worth $1.7 million from Hyundai Motor Company in March.
“The investment…..enables us to leverage the strength of our partners’ infrastructure and service capabilities to establish a next-generation mobility and logistics service platform. We will be working closely with investor companies in autonomous driving and mapping technology, dispatching, fleet management, next-generation in-vehicle infotainment and associated connectivity."
— Chang-Hyeon Song, CODE42 Founder and CEO
Of late, South Korean automakers have been making venture investments in ride-hailing startups and self-driving software producers.
Hyundai Motor Group and Dublin-headquartered auto technology firm Aptiv in September said they are creating a 50:50 autonomous driving joint venture valued at $4 billion. In June, Hyundai Motor and its affiliate Kia Motors said they would invest in self-driving car software startup Aurora to speed up the development of autonomous vehicle technologies.
Read more here
Join us November 13-15 for the Property Portal Watch Conference Madrid 2019.