Automobile giant Hyundai Motor Company announced plans to set up a multi-million dollar research center with the Technion-Israel Institute of Technology, to specialize in developing driverless cars.

Another university, the Korea Advanced Institute of Science and Technology, or KAIST, will also be a research partner.

The South Korean automaker has agreed to fund the Technion-KAIST center for at least the next two years, with an option to continue for three more years, the partners announced on Wednesday. The academic research center will receive between $1 million and $10 million annually, said Technion Prof. Daniel Weihs, who will chair its Israeli component.