Bitsensing, a South Korean radar technology start-up, has raised $5.8 million in a Pre-Series A round of funding, despite the COVID-19 impact on financial markets. This round was led by LB Investment, a leading venture capital in South Korea, and Mando Corporation, a South Korean global Tier 1 automotive supplier that participated as a strategic investor. Hansae and SB Partners also participated along with Future Play and SJ Investment Partners from a previous round.
Bitsensing is developing innovative radar-based sensing technology that is reliable, compact, multi-functional, and affordable to design to make everyday life safer for everyone. Bitsensing's radar sensors not only detect targets but also can track and map what is happening in any environmental setting in real-time without creating privacy issues or compromising performance in harsh weather.
Bitsensing's radar sensors can be used in various industries, such as automotive, smart homes, robotics and for autonomous driving. Their radar and camera sensor fusion technology will change how radars have been traditionally used. They received the investments on the prospect of creating demands from various industries such as Smart city, Smart home, Mobile robots, Future mobility or Digital healthcare.
Bitsensing is considered to have the best radar technology team in Korea with automotive radar development and mass production experience which makes them different. This radar technology can be used not only in the mobility industry but in other applications as well, creating a new market.
According to Jae-eun Lee, CEO of Bitsensing, they believe receiving strategic investment from Mando Corp., a global Tier 1 automotive manufacturer, means that their technology has been recognized in the autonomous vehicle market and it will help them grow much faster.
The company will use the funds to further enhance their technology, expand its offerings in key industries and grow their global presence and enhance global partnership. Bitsensing recently joined NVIDIA Inception program, Infineon Partnership, Plug and Play Japan for Mobility, Plug and Play Thailand for Smart cities.
Bitsensing had previously raised $1.2 million in seed rounds, and with the $5.8 million Pre-Series A, the total equity financing has amounted to $7 million.
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