Hyundai Will Open An Innovation Center In Israel

November 1, 2017 | The decision was announced at the 2107 Fuel Choices and Smart Mobility Summit in Tel Aviv. The automaker also partnered with Israeli-based venture capital firm Pitango Venture Capital and invested in Pitango’s seventh fund, which focuses on seed and early-stage investments. This is the first time Hyundai will partner with a venture capital firm, Pitango’s managing general partner told Calcalist. German manufacturer Volkswagen Group will also set up shop in Israel. Its center will be similar to the Future Centers already set up in Berlin, California and Beijing. The German manufacturer hopes to establish itself as a software and services company. Car technologies and the car-sharing economy are booming in Israel. Pitango has already invested in several mobility startups, such as Via Transportation, which already announced a partnership with Mercedes-Benz Vanes and Graphcore, developing hardware systems that accelerate AI and machine learning. [Photo: Ales_Kartal]