Hankook Tire & Modern technology Co. electrical lorry tires get on screen at the EV Trends Korea Event in Seoul, South Korea.
Seongjoon Cho/Bloomberg
South Oriental automobile components huge Hankook & Firm Team is just one of Asia’s biggest tiremakers, with among the sales promises to introduce its very own business financial backing department ($ 10.7 million) with resources dedications of 15 billion won ($ 10.7 million) to goal’s objective for AI, Robotics, Robotics and various other DeepTech areas.
The business, called Hankook & Firm Ventures, is a completely possessed subsidiary of the team’s holding business Hankook & Firm – claimed in a statement recently that it will certainly purchase locations such as AI, robotics, aerospace innovation and quantum computer. The business claimed its initial fund strategy sustains start-ups from seed to Collection B and has a swimming pool of billions of wons.
CVC is Hankook’s newest initiative to keep away from tires. In January, the business obtained Hanon Solution, the globe’s second biggest auto thermal administration remedies supplier for regarding $1 billion. The business claimed throughout the purchase that the acquisition raised the team’s international possessions to regarding $20 billion, placing the team “as an international modern leader” due to the fact that it “is focused on optimizing harmonies via source and innovation assimilation.”
Under the management of the Hankook & Firm Team, the noted Hankook Tire & Modern Technology is a tire maker for auto, vehicles, buses and various other commercial automobiles. It last reported that sales in 2024 were 9.4 trillion won, and operating revenue increased 32.7% year-on-year to 1.76 trillion won.
The Hankook Tire was established in 1941 and goes back to the 1950s when the business’s owner Cho Hong-Jai took control of a busted tire store soon after the Oriental Battle. Hong-Jai’s kid Yang-Rai signed up with the billionaire positions in 2013; he died in 2024. Yang Hong’s youngest kid, Cho Hyun-Bum, is the chairman of the company and has actually played an essential function in leading Hankook & Firm Ventures.
For Hankook, 84, the launch of CVC notes its initial authorities VC entity, yet it is not its initial venture right into start-up financial investment. In 2021, Hankook & Firm partnered with Seoul-based VC business to take the danger of creating the “service profile” of business that create independent mobile innovation. Its initial financial investment was 3D mapping start-up Mobiltech, established in 2017 and last increased 3 billion won ($ 2 million) and CJ Financial Investment is the CVC of billionaire Lee Jay-hyun’s CJ Corp. Jun formerly operated at the Equity capital Erm, Samsung Endeavor Financial Investment Corp. and Samsung Electronic Devices of Samsung Team.
Recently, a wave of epic Oriental business teams have actually gone into financial backing. The federal government’s laws to develop CVC in 2021 have actually promoted the development of brand-new business, such as Hyosung Team’s Hyosung Ventures and GS Holdings and GS Holdings in 2022. In 2023, South Korea’s Ministry of Sector and Power revealed an agreement with 42 business, introducing a fundraising fund to produce 8 fundraising (increased 8 systems) and the business’s fundraising (increased 7 systems) (by 2025). Various other instances consist of the Naver D2 start-up, called D2SF, technology huge Naver, called billionaire Lee Hae-Jin; and Beginning Ventures, Euisun Chung’s auto business Hyundai’s CVC.
