Wednesday, July 24, 2024

bitSensing Secures $25 Million in Series B Funding for High-Resolution Radar in Autonomous Driving

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South Korean radar solutions company bitSensing announced on Wednesday that it has successfully secured KRW 35 billion (USD 25 million) in Series B funding. The funding round was led by HL Mando, an existing investor, with participation from new investors including Korea Development Bank, IBK Industrial Bank of Korea, Woori Financial Capital, Life Asset Management, and Samchully Investment. This latest investment brings bitSensing’s cumulative funding to KRW 63 billion.

Established in 2018 by a team of automotive radar experts, bitSensing has experienced rapid growth, expanding from its initial three employees to a current team of 86, with 70% dedicated to research and development. The company focuses on autonomous driving, smart cities, and digital healthcare, leveraging automotive-grade radar technology.

See also: Hyundai Mobis to Conduct Major Autonomous Driving Technology Test in South Korea

bitSensing is actively engaged in mass-producing automotive radar solutions in collaboration with global Tier 1 automotive companies and leading semiconductor firms. In the field of smart cities, its technology is already in use on domestic roadways, including the Cheonan-Nonsan Expressway, and in cities such as Daegu and Wonju. The company is also expanding internationally, with installations planned in Verona, Italy, as part of the K-City project.

In the realm of digital healthcare, bitSensing’s radar-based sleep care solutions are being utilized in hospitals and nursing facilities. Through partnerships with global semiconductor firms, the company offers its sleep care software in API form, enabling integration into major electronics manufacturers’ smart applications.

See also: Hyundai and Kia Partner with Top South Korean University for Next-Gen Autonomous Driving Sensor

The new funding will further enhance bitSensing’s R&D capabilities, accelerate its entry into global markets, and support corporate growth through strategic international partnerships. Jae-eun Lee, CEO of bitSensing, reiterated the company’s commitment to enhancing safety and convenience through innovative radar technology. “With the vision of ‘Radar Everywhere, Better Life with Radar,’ we aim to provide superior performance and reliability in autonomous driving, smart cities, and IoT, keeping pace with rapidly evolving technological trends,” said Lee.

bitSensing’s technological prowess has been recognized with the highest rating, TI-1, in the NICE technology credit evaluation. Additionally, its radar technology has been designated as a national core technology, highlighting its leadership in the radar technology sector.

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