November 5, 2018 / 2:31 PM / 12 days ago

Hyundai Motor invests in Israeli computer vision firm allegro.ai

TEL AVIV, Nov 5 (Reuters) - Hyundai Cradle, Hyundai Motor Co’s corporate venture business, said on Monday it invested in allegro.ai, an Israeli company specializing in deep learning-based computer vision.

Financial details were not disclosed.

Hyundai said the partnership with allegro.ai will allow it to speed up deployment of artificial intelligence technology in many business areas and will improve the quality of Hyundai’s products.

“Deep learning computer vision is one of the core technologies that can be applied to autonomous driving to navigate roads and make quick decisions in real time,” said Ruby Chen, head of investment at Hyundai Cradle Tel Aviv.

This is Hyundai’s fifth investment in an Israeli company and its activities will continue to grow in the coming year, Chen said.

Other investors in allegro.ai include MizMaa Ventures, Robert Bosch Venture Capital and Samsung Catalyst Fund. (Reporting by Tova Cohen)

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