Bitsensing, a South Korea-based radar technology startup, raised 6.95 billion won ($5.8 million) in a recent Pre-Series A funding round. LB Investment, a venture capital in Korea, led the latest round along with Mando Corporation, a global Tier 1 South Korean automotive supplier. Also present are SB Partners, Hansae, Future Play, and SJ Investment Partners.
Bitsensing develops innovative radar-based sensing technology that could track and map real-time environmental situations without compromising performance in bad weather and eliminates privacy issues that could arise from mapping.
According to the company, its radar sensors are compact, reliable, multifunctional, and safer for daily life.
Jae-eun Lee, CEO of Bitsensing, said that receiving strategic investment from Mando Corp. means that the automotive vehicle industry recognizes the company’s technology. He added that the latest funding round would help the company grow faster.
Bitsensing said that its radar sensors could be used in a wide range of industries, such as autonomous driving, robotics, automotive, and robotics.
Expanding Presence Through Funding and Partnerships
Bitsensing previously raised 1.4 billion won ($1.2 million) from seed rounds and 6.9 billion won ($5.8 million) from Pre-Series A.
The company said that it would use the total equity financing of 8.35 billion won ($7 million) to improve its technology further, enhance global partnerships, and increase its worldwide presence and expand in key markets.
LB Investment and Mando Corporation said that Bitsensing’s radar technology could create demand not only in the mobility market but also from various industries such as smart homes, future mobility, digital healthcare, mobile robots, and smart cities.
In 2018, core members of a Radar team from Mando Corp. cofounded Bitsensing as a startup focused on bringing safer and available radar technology for everyone. The company designs and develops the whole process of radar technology, starting from processing to RF circuit and antenna design.