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Nexen Tire Launches Next Century Ventures in Silicon Valley to Expand to New & Futuristic Mobility Space

Plans to invest in promising startups in the US, Europe, China and South Korea

SEOUL, South Korea, March 18, 2021 (GLOBE NEWSWIRE) -- Nexen Tire, a leading global tire manufacturer, today announced the establishment of Next Century Ventures (NCV), a Silicon Valley-based initiative aimed at backing budding mobility startups.

Next Century Ventures plans to invest in companies focusing on leading innovation and the fourth industrial revolution in the Silicon Valley, and will also seek investment opportunities in other countries and regions including Europe, China, and South Korea.

The aim of the initiative is to accelerate the expansion of Nexen Tire into a new and futuristic mobility space. Target investments will include core mobility technologies such as automotive sensors and Artificial Intelligence (AI), electric vehicles, and self-driving technologies.

Nexen Tire’s venture capital is in line with that of global companies investing in promising startups to discover and secure new core technologies while attracting exceptional talents.

Jin Mann Lee, Chief Strategy Officer at Nexen Tire, will double as the Managing Partner at Next Century Ventures.

"Openness and cooperation are crucial in the era of the fourth industrial revolution because companies cannot develop all technologies on their own," said Travis Kang, Global CEO of Nexen Tire. "Nexen Tire is ready to make bold and forward-looking investments that will ultimately fulfill the goal of becoming a global mobility company."

About Nexen Tire

Nexen Tire, established in 1942, is a global tire manufacturer headquartered in South Korea. Nexen Tire, one of the world’s fastest growing tire manufacturers, currently interacts with approximately 150 countries around the world and owns four manufacturing plants – two in Korea (Yangsan and Changnyeong) and one in Qingdao, China. Another plant in Žatec, the Czech Republic has also begun operation in 2019. Nexen Tire produces tires for passenger cars, SUVs, and light trucks with advanced technology and excellence in design. Nexen Tire supplies OE tires to global car makers in various countries around the world. In 2014, the company achieved a grand slam of the world’s top 4 design awards for the first time amongst the various tire makers in the world.

For more information, please visit https://www.nexentire.com/international/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1baf0aca-8351-4c6c-9a56-53a4303c34cc


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