Hyosung′s corporate venture capital Hyosung Ventures is seeking to take a step toward developing its new growth engine to make forays into future markets by investing in small but powerful AI businesses.

Hyosung Ventures said on June 22 that it has invested 2 billion won each in Persona AI. and Better-Why, which are small but powerful domestic businesses specializing in AI and battery, respectively.

Said investment was made in connection with the Company′s strategy for the development of new future businesses such as AI, not content with its No.1 position in the manufacture of fiber, chemical goods, and new materials and heavy industries.

Persona AI is the first in the country to develop cloud-based dialogue-type AI solution. It has AI contact center technology such as call-bot and chatbot. Hyosung expects synergistic effects to be made through the cooperation between Persona AI and Hyosung ITX.

Better-Why has BaaS (Battery as a Service) technology for acquiring data through EV′s and ESS′s BMS (Battery Management System) and for providing information on the battery′s cell-unit status in real time and diagnosing the battery′s entire life cycle using cloud technology. The business is expected to work with Hyosung Heavy Industries′ ESS sector.

Hyosung Ventures has selected these businesses associated with AI technology as targets of its investment in accordance with the purposes (i.e., creation of future jobs of cutting-edge industries and sophistication of leading industries) of the Ministry of Trade, Industry, and Energy (MOTIE) forming the fund.

Earlier, Hyosung Ventures was selected as a general partner for fund operation of the Korea Institute for Advancement of Technology (KIAT), an institution under the control of MOTIE. In March this year, Hyosung CVC Scale-Up New Technology Business Investment Cooperative No.1 was formed with capital of 51 billion won, with Hyosung Ventures, Hyosung Group, and KIAT investing 1 billion won, 30 billion won, and 20 billion won, respectively. Said investment made this time is the first instance of project operation.

 ″We at Hyosung are striving for the innovation of our manufacturing technology through digital conversion in keeping with the age of the 4th Industrial Revolution. We′ll grow as a cutting-edge business, not content with our current status as a manufacturer, by working with small but powerful domestic businesses through investment in those that have secured future technologies,″ Hyosung Chairman CHO Hyun-joon said.

Hyosung Ventures plans to continue to invest in small but powerful businesses and startups with innovative technologies.