KT Invests 50 Billion Won for 10 per cent in Hyundai Robotics.
South Korean telecommunication company, KT has invested in Hyundai Robotics, to accelerate digital transformation based on 5G, artificial intelligence (AI) and smart factory.
The investment will allow KT to acquire a 10 per cent equity stake in Hyundai Robotics — Korean industrial robotics market vendor, for 50 billion won.
KT has also signed a business cooperation agreement with Hyundai Heavy Industries Holdings for joint efforts toward digital transformation.
The South Korean telco will undertake software development and applications related to intelligent service robots and autonomous driving, while Hyundai Robotics will be responsible for hardware development and manufacturing.
This is expected to lead to the introduction of intelligent robots that not only provide hotel amenities but also serve food and beverages at restaurants, and cleaning patrol robots loaded with cleaning and security functions.
For entry into the service robot market, the two parties also plan to develop collaborative robots for small factories and large franchise stores, said KT President Ku.
“For a smart factory, KT will provide communication technology, cloud, ICT solutions, and related bundle products, while Hyundai Robotics will supply robots and relevant solutions,” he said.
Hyundai Robotics spun off from Hyundai Heavy Industries in April 2017, to become a separate corporation specialized for robotics and smart solutions in May this year.
It provides smart factory and smart logistics services and has two subsidiaries – Hyundai Robotics Shanghai and Hyundai L&S (Logistics and Solutions). The company aims for an initial public offering in 2022.
In accordance with their business cooperation agreement, KT and Hyundai Heavy Industries Group will delineate details of their collaboration, particularly through a new senior committee on joint efforts in smart solutions, digital transformation, AI and ICT, as well as other business opportunities.