South Korean radar technology startup, Bitsensing, has managed to secure $25 million for the Series B funding round. The round saw participation from HL Mando, a car parts manufacturer, along with other groups such as Life Asset Management, SCL Investment, and Woori Financial Group.
The received funds are planned to be used in the development of cutting-edge radar technologies, setting the aspect of autonomous vehicles and smart cities into motion. One of the main aims includes improving car safety features and managing traffic systems more efficiently. Simultaneously, the funds will also provide assistance to the company for its international expansion.
This investment is the fourth one by HL Mando in Bitsensing. Therefore, this brings the total external funding of Bitsensing to a mammoth $46 million. This continued support signifies a high level of trust and belief in Bitsensing’s capabilities to innovatively transform the tech space.
With these new funds, Bitsensing has plans for expanding its reach and enhancing its radar capabilities. Negotiations are also in the pipeline for attaining more financial support from a preeminent semiconductor company.
Bitsensing obtains funding for tech growth
This will help Bitsensing cater to the increasingly growing needs of smart city applications and autonomous vehicles.
Bitsensing, established in 2018, is expected to reach profitability in the coming year and has considerations for going public by 2026. This growth is attributed to their aggressive marketing strategies and emphasis on innovative technology. Apart from this, they also aim to replace standard infrared sensors in smart homes with their more accurate radar sensors. This would enable automation and safety to a previously unrealized extent in smart homes.
Lastly, Bitsensing is focusing on penetrating into the robotics sector. They have plans of implementing their radar technology to businesses under the HL Group. This could diverse industries ranging from construction to golf resorts. HL Mando will oversee the manufacture of the radar sensors to ensure streamlined processes.
