Nexen Tire made an announcement on June 14 (Korean time) that it has signed a strategic partnership with Plug and Play, a global corporate innovation platform and startup accelerator.
Nexen Tire is planning to form a partnership with Plug and Play in order to develop advanced technologies for the future, find new business items and build future-oriented business infrastructure, a company spokesman said.
Plug and Play has found and fostered Silicon Valley promising companies such as "PayPal," "Lending Club," "Drop Box" and "SoundHound," which have grown into a leading multinational company.
Through the plug-and-play, Nexen Tire will carry out partnerships and investments with promising startups with various platforms and technical skills in the auto industry, including tires.
It also plans to strengthen its position as an innovative company by implementing the company's "open R&D" philosophy faster through partnerships and investments with start-ups with high technological and business growth potential.
Meanwhile, the signing ceremony was made at the P&P headquarters in Sunnyvale, California, where more than 500 industry officials, including major OEMs, vehicle-related parts suppliers, top venture capitalists and startup representatives, attended the "Summer Expo" event.