Korean autonomous driving startup inks deal with UAE-based company, beating out U.S. and China
Autonomous-driving startup Autonomous A2Z and Abu Dhabi-based Space42 formed a $4 million joint venture as the United Arab Emirates (UAE) ramps up spending on AI and mobility technology, giving the Korean startup a foothold in a market shifting away from Chinese players. A2Z announced the partnership Thursday after the companies unveiled the venture during a Korea-UAE business roundtable held Wednesday, alongside President Lee Jae Myung’s state visit to Abu Dhabi. Science and ICT Minister Bae Kyung-hoon joined A2Z Vice President Yoo Byung-yong and Space42 Chief Commercial Officer Shulaiman Al Ali at the signing ceremony. The companies will jointly invest $4 million to launch the venture and plan to pursue an autonomous-driving project together valued at $8 million in Abu Dhabi, according to A2Z.