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Hyundai is one of the main sponsors of the 2018 World Cup soccer tournament (Image: Hyundai)

Hyundai Motor has teamed up with Autotalks, a company that plans to develop the next generation chipset for connected cars.

The Korean carmaker said that, through its investment in Autotalks, it hopes to speed up development and deployment of such a chipset, which it sees as vital to the realization of autonomous driving.

"Connectivity is one of the core technologies that can be applied to smart city business models, as well as autonomous driving and infotainment,” Yunseong Hwang, director of Hyundai's open innovation business group, said in a press release.

Autotalks, which was founded in 2008, had already completed four funding rounds that generated more than $80 million for the startup before Hyundai's decision to invest.