South Korean Radar Technology Startup Bitsensing Bags US$5.8M Pre-Series A

bitsensing fundraise

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

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

What Should Employees Do in a Crisis

What Should Employees Do in a Crisis?

At the start of January 2023, a drunk man in an Air India flight’s business class urinated over a 72-year-old woman sitting beside him. The man, Shankar Mishra, was the Vice President of the financial services company Wells Fargo (he was fired following the incident). In itself, the incident is disgusting.

Top 5 AI Companies in the World

Top 5 AI Companies in the World

Technological developments are driven by the human need to make life easier and complete tasks faster and more efficiently. The drastic growth of technology in recent years has paved the way for artificial intelligence (AI) to become an integral part of almost every industry—from education and lifestyle to music and sports. It is everywhere. And by the looks of it, it is here to stay.

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

It’s no wonder why Jumpstart Media named “metaverse” one of the top emerging trends and technologies to look forward to in 2023. With an expected compound annual growth rate (CAGR) of 39.4% from 2022 to 2030, Grand View Research forecasts that the global metaverse market is set to expand exponentially. From fashion shows, gaming, luxury products, sports and travel to art, many industries are tapping into the metaverse’s potential.

4 Most Anticipated Tech IPOs of 2023

4 Most Anticipated Tech IPOs of 2023

The technology industry has been a driving force in shaping the global economy for decades and the initial public offerings (IPOs) of technology companies are often highly-anticipated events. In 2022, the tech IPO market saw a slowdown compared to the previous year, 2021.

5-Luxury-Items-That-Are-Worth-the-Investment

5 Luxury Items That Are Worth the Investment

The world of luxury items is one of elegance and exclusivity, with their value increasing as time passes. They are unattainable and highly coveted by the masses. Plus, luxury products have a Veblen effect on the market—as their price rises, their demand does, too.

How Do You Know When to Give Up on Your Startup?

How Do You Know When to Give Up on Your Startup?

Starting a new business is never an easy task. You put your heart into it and spend countless hours working on what you believe will make someone happy or solve society’s problems. But sometimes, startups don’t work out as planned—this can be both disheartening and discouraging.