Bitsensing will use the latest investment to enhance technology, expand offerings, grow global presence, and strengthen global partnerships
Seoul, South Korea-based radar technology startup Bitsensing has raised $5.8 million in a Pre-Series A funding round, led by South Korean VC LB Investment, with Mando Corporation, as a strategic investor.
Hansae and SB Partners also participated along with Future Play and SJ Investment Partners from a previous round, according to a press report released by the startup on Tuesday.
The latest funds will be used to further enhance the startup’s technology offering, expand its product line in key industries, and grow global presence and enhance global partnerships, according to the report.
Bitsensing had previously raised $1.2 million in seed rounds, and with the latest investment, the startup’s total equity financing stands at $7 million.
Co-founded in 2018 by Bitsensing CEO Dr. Jae-eun Lee, Bitsensing designs and develops end-to-end radar technology, from signal processing to the RF circuit and antenna design.
The startup is developing innovative radar sensing technology that is reliable, compact, multifunctional, and affordable for safer everyday life, according to the report.
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, the startup claims.
Jason Koo, Senior Managing Director of LB Investment, said, “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.”
The startup’s radar sensors can be used in various industries, such as automotive, smart home, robotics, and for autonomous driving. Bitsensing recently joined the NVIDIA Inception program, Infineon Partnership, Plug and Play Japan for Mobility, Plug and Play Thailand for Smart Cities.
“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 Lee.
Yoon-ki Kim, Director, Head of Start-up Investment of Mando Corporation, and Strategic Investor, added, “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 demands from various industries such as Smart city, Smart home, Mobile robots, Future mobility or Digital healthcare.”
Header Image Courtesy of Bitsensing
