SK Telecom, Hyundai to invest $45m on AI startups

SK Telecom, Hyundai Motor Company, Hanwha Asset Management, and Element AI will create a joint fund to invest in startups with innovative technology, the companies said.

Called the AI Alliance Fund, South Korea’s largest mobile carrier and the country’s biggest car maker, along with Hanwha, will put in $45 million to invest in startups working in AI, smart mobility, and fintech in Europe, Israel, and the US.

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Element AI, an AI solutions provider founded by AI authority professor Yoshua Bengio of Montreal University, will be the fund’s AI advisor. It will leverage the research group’s expertise and global network to find promising startups.

SK Telecom said it hoped the startups will ultimately improve business for the companies involved.

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