bitSensing, a leading Korean company in radar solutions, has successfully raised KRW 35 billion (USD 25 million) in Series B funding. This round of investment was spearheaded by HL Mando, an existing investor, alongside new participants including Korea Development Bank, IBK Industrial Bank of Korea, Woori Financial Capital, Life Asset Management, and Samchully Investment. With this latest funding, bitSensing’s cumulative investment has reached KRW 63 billion.
Founded in 2018 by a team of automotive radar experts, bitSensing has rapidly grown from its initial three employees to a robust team of 86, with 70% dedicated to research and development. The company is making significant strides in the fields of autonomous driving, smart cities, and digital healthcare, leveraging automotive-grade radar technology.
Smart City Goals & Mass Production
bitSensing is currently working on mass production automotive radar solutions in collaboration with global Tier 1 automotive companies and leading semiconductor firms. In the realm of smart cities, their technology is already operational on domestic roadways, including the Cheonan-Nonsan Expressway, and cities like Daegu and Wonju. Furthermore, bitSensing is set to expand internationally with installations scheduled in Verona, Italy, as part of the K-City project.
In digital healthcare, bitSensing’s radar-based sleep care solutions are being utilized in various hospitals and nursing facilities. The company’s partnerships with global semiconductor firms enable their sleep care software to be offered in API form, facilitating integration into major electronics manufacturers’ smart applications.
Global Reach with Strategic Investments & Partnerships
The newly acquired funds will bolster bitSensing’s R&D capabilities, expedite their entry into global markets, and foster corporate growth through strategic international partnerships. Jae-eun Lee, CEO of bitSensing, emphasized 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.
In recognition of its technological prowess, bitSensing recently achieved the highest rating, TI-1, in the NICE technology credit evaluation, and its radar technology has been designated as a national core technology, underscoring its leadership in the radar technology sector.
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