SEOUL, KOREA and TEL AVIV, ISRAEL, November 6, 2018 – Hyundai CRADLE, Hyundai Motor Company’s corporate venturing and open innovation business announced today its strategic investment in allegro.ai, a leading technology company specializing in deep learning (DL) – based computer vision. This partnership with allegro.ai will allow to speed up deployment of AI technology in many business areas. This will improve the quality of Hyundai’s products, thereby increasing customer satisfaction while creating a safer driving environment.
Founded in 2016, allegro.ai offers the first end-to-end DL lifecycle management solution focused on deep learning as it applies to computer vision. The company’s platform simplifies the process of developing and managing deep learning-powered solutions – such as autonomous vehicles, drones, security, logistics and others.
“Deep learning computer vision is one of the core technologies that can be applied to autonomous driving to navigate roads and make quick decisions in real-time – and allegro.ai is clearly an innovation leader in that field,” said Ruby Chen, Head of Investment at Hyundai CRADLE Tel Aviv. He added, “Our investment in allegro.ai is a further step in enhancing our presence in the Israeli market, a global leader of technological innovation in the fields of automation, artificial intelligence and deep learning. This is our fifth investment in an Israeli company and our activities will continue to grow the coming year”.
“We are proud to partner with Hyundai and share Hyundai’s belief that AI empowers the industry to provide greater road safety, autonomy, to better understand customers’ needs and to help broaden their experiences,” said Nir Bar-lev CEO and Co-founder of allegro.ai. “Whether a company is developing autonomous vehicles, drones, security, or other types of applications, allegro.ai makes it easy for them to manage their data-sets and build deep learning-based solutions while guaranteeing complete and confidential control of their data.”
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is committed to becoming a lifetime partner in automobiles and beyond with its range of world-class vehicles and mobility services, offered in more than 200 countries. Employing more than 110,000 employees worldwide, Hyundai has sold more than 4.5 million vehicles globally. Hyundai Motor Company continues to enhance its product line-up with vehicles that are helping to build solutions for a more sustainable future, such as NEXO – the world’s first dedicated hydrogen-powered SUV. In 2018 the company revealed its new design philosophy ‘Sensuous Sportiness’, which will be embodied by all upcoming Hyundai vehicles.
About Hyundai CRADLE
Hyundai CRADLE is Hyundai Motor’s corporate venturing and open innovation business, which partners and invests extensively in prominent global startups to accelerate the development of advanced future automotive technologies. CRADLE identifies newly established startups that focus, amongst others, on ‘Disruptive Innovations’, including mobility services, artificial intelligence, robotics, smart energy solutions, smart city and cyber security.