HD Hyundai Marine Solution secures W3b stake in AI startup

HD Hyundai Marine Solution CEO Lee Ki-dong and SeaVantage CEO Song Hyung-jin pose for photos at a recent signing ceremony held at the startup's office in southern Seoul. (HD Hyundai Marine Solution)

HD Hyundai Marine Solution, a ship maintenance unit affiliated with Korean shipbuilding giant HD Hyundai, has joined hands with logistics solutions provider SeaVantage, aiming to advance its maritime transport network, the company announced Sunday.

HD Hyundai Marine Solution said it signed a deal with SeaVantage, agreeing to strategically invest in the startup by acquiring a 3 billion won ($2.17 million) stake in the company.

Lee Ki-dong, CEO of HD Hyundai Marine Solution, Song Hyung-jin, founder and CEO of SeaVantage, and other officials attended the signing ceremony held at the startup's office in Seoul. The two entities agreed to expand their business portfolio by strengthening their cooperation in the future.

Founded in 2018, SeaVantage provides real-time solutions in maritime transport, which allows clients to track the location of their cargo and predict the estimated arrival time, based on artificial intelligence and big data technologies.

HD Hyundai Marine Solution plans to use the startup's technology in its total platform solution OceanWise, which works on optimizing the maritime supply chain by combining the information of ships, ports and weather. The company has claimed the service can reduce carbon emissions by suggesting the most efficient route.

"The investment deal will be an important first step in HD Hyundai Marine Solution's future AI solution," HD Hyundai Marine CEO Lee Ki-dong said. "We will continue to strengthen our competitiveness through strategic partnerships with different businesses.”

HD Hyundai Marine Solution was launched as a separate entity of HD Hyundai Heavy Industries, a shipbuilding and heavy industries conglomerate here, to take over its ship maintenance business in 2016. In May, it debuted on Kospi, the nation’s main bourse. Its market cap stands at around 5.48 trillion won.