Google Invests $44M in Kakao Mobility, Eyes AI Integration
Google is investing over 50 billion won ($44.15 million) in Kakao Mobility Corp. The tech giant aims to create synergy between its services and Kakao Mobility's platform, with Chung Shin-a, Kakao Mobility's CEO, leading the collaboration.
Kakao Mobility, operator of the popular Kakao T taxi-hailing service with 28 million users, will see Google acquire new shares worth 56.51 billion won. This values the firm at 3.35 trillion won and gives Google a 1.69 percent stake.
The investment will also facilitate cooperation in developing cloud-based AI technology. Currently, Kakao Mobility's T Map Taxi service boasts 200,000 registered drivers and 750,000 monthly active users. However, it faces competition from UT, a joint venture between T Map Mobility and Uber Technologies Inc., which plans to release a new taxi-hailing service later this year.
Google's investment in Kakao Mobility signals a strategic partnership aimed at integrating services and advancing AI technology. Despite competition from UT, Kakao Mobility's extensive user base and Google's resources could strengthen its position in the market.
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