Hyundai and Kia have invested 5 billion won ($4.27 million) into the South Korean cab chauffeur app Macaron Taxi, the companies have announced.
The companies, both under the Hyundai Motor Group, did not disclose how much of a stake of KST Mobility -- the company which runs the app -- was acquired from the investment.
Macaron Taxi launched this year in April to compete against existing cab apps KakaoTaxi and Tada. The company hires traditional cab drivers and gives them a salary.
KST Mobility said Macaron Taxi applies artificial intelligence (AI) and big data analytics for the app to make bookings more precise. It currently has a fleet of 200 cars, with Hyundai and Kia expected to supply it with more vehicles.
KST Mobility is estimated to have received a total of $10 million in funds so far.
Hyundai and Kia's biggest investment so far in car-sharing services has been to Southeast Asia's biggest provider, Grab, investing $250 million in November last year.
The Hyundai Motor has also invested an undisclosed amount into Chinese e-scooter-maker Immotor.
The South Korean auto-manufacturing giant has dubbed connected cars and mobility services as its future growth engines. It is currently collaborating with Cisco to deploy connected cars.
Hyundai Motor has developed a car system that will allow drivers to unlock and start their cars with fingerprints instead of keys, with plans to go live in China during the first quarter of 2019.
The AI research teams of Hyundai Mnsoft and Netradyne will collaborate to develop high definition maps for next-generation vehicles.
The additional investment puts the South Korean car group's investment in car-sharing company Grab in Southeast Asia to $275 million.
It aims to integrate existing police systems into the vehicle's information systems.
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