Starting as an internal venture within the Hyundai Motor Group, three companies—MADDE, PIT IN, and EVACYCLE—have successfully secured pre-Series A investments from DSC Investment and Schmidt within just one year of their establishment. All three companies have also been selected for the Deeptech TIPS program, which offers up to 1.5 billion KRW (approximately 1.1 million USD) in support over three years.

The representatives of these companies have worked together for over a decade at Hyundai Motor Group, developing their expertise in mobility and manufacturing engineering before launching their internal startups. Within just a year of nurturing their ventures, they have already attracted pre-Series A funding, gaining recognition for their innovative technologies and contributions to future industries.

MADDE specializes in manufacturing consumables for memory and system semiconductor processes. Utilizing hard-to-machine SiC materials, they employ 3D printing techniques to deliver cost-effective solutions with shorter lead times, making them well-suited for emerging growth industries.

PIT IN focuses on creating battery-sharing services for commercial electric vehicles (taxis and cargo). They are developing battery replacement technologies for various vehicle types using robots, without standardizing or modularizing battery packs. Currently, they are offering services for taxis in the Anyang area and plan to expand into electric cargo trucks next year.

EVACYCLE is dedicated to recycling waste batteries from electric vehicles to recover valuable metals. They differentiate themselves by focusing on recycling electric vehicle battery packs in a market that typically recycles existing scrap processes. Their innovative technology aims to repurpose discarded materials for new applications, drawing significant industry attention.

Jo Shin-ho, CEO of MADDE, stated, “With the funding from the Deeptech TIPS program, we plan to accelerate the advancement of our SiC manufacturing processes. Our goal is to enhance the production processes and stabilize the supply of SiC consumables, contributing significantly to the semiconductor industry’s competitive edge.”

Kim Se-kwon, CEO of PIT IN, expressed gratitude to Schmidt for their support in getting selected for the Deeptech TIPS project, saying, “We aim to develop intelligent robots capable of replacing batteries for all electric vehicles, evolving into a new type of energy station platform to replace existing LPG refueling stations and grow into a global energy company.”

Ryu Ji-hoon, CEO of EVACYCLE, emphasized, “Our mission is to recycle wasted resources into energy. Through continuous challenges, we aim to become a global leader in recycling.”