Bitsensing, a South Korean radar technology startup, has raised $5.8 million in a Pre-Series A round of funding, despite the COVID-19 impact on financial markets. This round was led by LB Investment, leading venture capital in South Korea, and Mando Corporation, a South Korean global Tier 1 automotive supplier, participated as a strategic investor. Hansae, SB Partners, also participated with Future Play and SJ Investment Partners from a previous round.
Bitsensing is developing innovative radar-based sensing technology that is reliable, compact, multifunctional, and affordable to design safer everyday life that can be available for everyone. Bitsensing’s radar sensors do 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. Bitsensing’s radar sensors can be used in various industries, such as automotive, smart home, robotics, and for autonomous driving.
“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 Jae-eun Lee, CEO of Bitsensing.
“Bitsensing is the best radar technology team in Korea with automotive radar development and mass production experience, making them different. We believe their radar technology can be used not only in the mobility industry but in other applications, creating a new market”, said Jason Koo, Senior Managing Director of LB Investment (Formerly known as LG Venture investment).
“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”, said Yoon-ki Kim, Director, Head of Start-up Investment of Mando Corporation, Strategic Investor.
The company will use the funds to enhance its technology further, expand its offerings in key industries, and grow its global presence and enhance its global partnership. Bitsensing recently joined NVIDIA Inception program, Infineon Partnership, Plug and Play Japan for Mobility, Plug and Play Thailand for Smart cities.
Bitsensing had previously raised $1.2 million in seed rounds, and with the $5.8 million Pre-Series A, the total equity financing has amounted to $7 million.