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Hyundai, SK Telecom, Hanwha ready AI investment fund

South Korean trio devoting $45m toward startups to absorb cutting-edge tech

SEOUL -- Hyundai Motor, SK Telecom and Hanwha Group will establish a $45 million investment fund for artificial intelligence startups, the South Korean companies said Thursday, hoping to uncover cutting-edge technologies that can improve their core businesses.

The AI Alliance Fund likely will target emerging artificial intelligence companies in Europe, Israel and the U.S. The three partners will invest $15 million each and manage the fund with investment advice from Canadian solutions provider Element AI.

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