Taavura teams with Hyundai to open innovation center

Dr. Wonhee Sull  and Shay Livnat in foreground / Photo: Yossi Aloni, PR

The two concerns will cooperate in scouting, evaluating, and investing in vehicle and transport technologies based on Israeli innovation.

Israel's Taavura Group, controlled by the Livnat family, has signed a memorandum of understanding for strategic cooperation with Hyundai Motors in the innovation center that Taavura is about to open. Taavura and Hyundai will cooperate in scouting, evaluating, and investing in technologies based on Israeli innovation related to the two companies' activities.

"The innovation center will provide services for the group and international partners. Technologies pertaining to fields of activity of the group, its partners, and its customers will be considered, including cybersecurity, autonomous vehicles, artificial intelligence, drones, shipping, haulage, smart transportation, logistics, energy, and others," Taavura announced.

The company did not announce the amount of the planned investment, but sources in the sector believe that the activity is likely to involve a substantial volume of future venture capital investments.

Hyundai EVP and technology innovation center head Dr. Wonhee Sull says, "Hyundai will benefit from the high positioning and existing infrastructure of the mobility sector in Israel, in which the Taavura group is a key player, in cooperation with the Israeli startup community. Together with the Taavura group, we will continue to locate promising startups quickly and effectively, and verifying relevant technologies and business models."

Taavura co-owner Shay Livnat says, "Taavura is proud to cooperate with a leading esteemed global auto industry player in order to continue promoting innovation and future mobility solutions based on the inventive power of Israeli innovation."

Cradle, Hyundai's investment and R&D arm, has been active in Israel in a number of frameworks for the past two years. Its investments in Israel to date have totaled tens of millions of dollars. The Livnat group has been systematically searching and investing with international partners, but its investment activity has not yet been disclosed.

Published by Globes, Israel business news - en.globes.co.il - on October 29, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Dr. Wonhee Sull  and Shay Livnat in foreground / Photo: Yossi Aloni, PR
Dr. Wonhee Sull and Shay Livnat in foreground / Photo: Yossi Aloni, PR
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