Hong Kong (CNN Business) Korean auto giants Hyundai and Kia have invested over $110 million in Arrival, making the electric vehicle company one of Britain's most valuable startups.

The €100 million ($112 million) infusion values Arrival at €3 billion ($3.4 billion), a company spokesperson said, and will help jump-start collaboration between the three automakers.

It's a big boost for Arrival, a five-year-old company that has about 800 employees across five countries, including Germany, the United States and Russia. It's based in London.

Arrival wants to make electric vehicles that cost about the same as traditional models powered by fossil fuels. Its innovation lies in its design and manufacturing processes.

Once designed, the company's engineers send their plans to "microfactories" for manufacturing. Arrival has two production sites in the United Kingdom and plans to launch its first vehicle later this year.