As the world steers towards autonomous driving, Korean startups that are bringing in supporting technology for it are seeing recognition and growth. Seoul Robotics has been a leading startup that has developed its unique technology, which is compatible with nearly all LiDAR and 3D sensors, to increase accuracy and efficiency and ensure safety across various industries and applications, including autonomous driving. The Seoul-based startup received a $12 million investment from the Korean government and recognition as an ‘Innovative Icon.’
Selected through a rigorous process
The 3D computer vision company that builds intelligent robotic perception systems using AI and machine learning has been selected as an ‘Innovative Icon’ after a rigorous, four-month analysis of more than 200 companies conducted by the Korea Credit Guarantee Fund. Seoul Robotics was selected for the recognition and investment along with five other companies, based on its proven potential to reach unicorn status.
Innovation Icon is a global scale-up program for Korean startups with high growth potential. The $12 million investment for Seoul Robotics is in addition to previous funding from the Korean government including a $3 million grant for autonomous vehicle deployment. The company also secured a $6million seed round in December of 2019. Companies previously selected in the Innovative Icon Program have achieved IPO, 89.5% sales growth, 64% employment growth, and $223M in follow-up investment.
Overseas market expansion for LiDAR solutions
Earlier in 2021, Seoul Robotics made its formal debut in the US market with the announcement of the company’s first commercial product, Discovery. This all-in-one sensor and software platform further expands access, reduces the cost, and simplifies the implementation of LiDAR-based solutions in applications ranging from smart city, smart factory and smart home to logistics, mobility, robotics and more. Seoul Robotics has also formed partnerships with top-tier organizations worldwide, including BMW, Mercedes-Benz, Qualcomm, University of Michigan, Chattanooga Department of Transportation, Korea Department of Transportation, Emart, etc.
The latest bridge round funding will provide debt financing to enable Seoul Robotics to further expand its global presence and continue democratizing LiDAR through its sensor agnostic perception software. “The 3D perception market, backed by LiDAR and 3D sensors, continues to see considerable growth, and we’re breaking down the barriers to entry to bring this technology to applications across a wide array of industries,” said HanBin Lee, CEO of Seoul Robotics. “SENSR is the world’s most advanced perception software for 3D sensors and the most widely used platform available. This investment will propel our ability to bring the power of 3D perception to the masses to ultimately foster a more intelligent and safe world.”
Seoul Robotics provides OEMs, system integrators, and government agencies around the world with access to LiDAR and 3D sensor solutions through its proprietary perception software platform, SENSR™. The sensor-agnostic software uses machine learning to analyze and understand 3D data with extreme accuracy to support a range of functions from basic tracking and monitoring to autonomous mobility. Prior to the company’s founding in 2017, there was no bridge between LiDAR manufacturers and industries outside the automotive market that could benefit from the insights provided by 3D data.
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