Hyundai Backs Artificial Intelligence Startup Allegro.AI

Seoul-headquartered carmaker Hyundai Motor Company has invested in Israel-based startup Allegro.AI through its innovation and venture arm Hyundai CRADLE, the companies announced Monday. The startup, incorporated as Allegro Artificial Intelligence Ltd., offers an AI management platform intended to streamline development processes with a special focus on computer vision. The financial terms of the deal were not disclosed.

Founded in 2016, Allegro.AI is based in Ramat Gan, a town in the Tel Aviv area. In April, it announced it has raised $11 million in a series A funding round from investors including Samsung and Robert Bosch GmbH. As part of the agreement, Allegro.AI’s deep learning technology will be integrated into Hyundai’s products, the companies said.