South Korean radar startup raises funds
Bitsensing is developing innovative radar-based sensing technology that is reliable, compact, multifunctional, and affordable to enable safer everyday life, that can be available for everyone. The company’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.
The radar sensors can be used in various industries, such as automotive, smart home, robotics and for autonomous driving.
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.
This Pre-Series A round was led by LB Investment, a leading venture capital in South Korea, and Mando Corporation, a South Korean global Tier 1 automotive supplier, participated as a strategic investor. Hansae, SB Partners also participated along with Future Play and SJ Investment Partners from a previous round.
“I believe receiving strategic investment from Mando Corp., a global Tier 1 automotive manufacturer, means that our technology has been recognized in the autonomous vehicle market. It will help us grow much faster” said Jae-eun Lee, CEO of bitsensing.
“Bitsensing is the best radar technology team in Korea with automotive radar development and mass production experience which makes them different. We believe their radar technology can be used not only in mobility industry but in other applications, creating a new market,” said Jason Koo, Senior Managing Director of LB Investment (Formerly known as LG Venture lnvestment).
“Bitsensing’s radar and camera sensor fusion technology will change how radar has been traditionally used. We decided to invest because we believe we can create demand from various industries such as smart city, smart home, mobile robots, future mobility or digital healthcare,” said Yoon-ki Kim, Director, Head of Start-up Investment of Mando Corporation, Strategic Investor.
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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