South Korean radar startup raises funds

June 09, 2020 // By Jean-Pierre Joosting
South Korean radar startup raises funds
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.

Bitsensing is developing innovative radar-based sensing technology that is reliable, compact, multifunctional, and affordable to enable safer everyday life, that can be available for everyone. The company’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 radar sensors can be used in various industries, such as automotive, smart home, robotics and for autonomous driving.

The company will use the funds to further enhance their technology, expand its offerings in key industries and grow their global presence and enhance global partnership. Bitsensing recently joined NVIDIA Inception program, Infineon Partnership, Plug and Play Japan for Mobility, Plug and Play Thailand for Smart cities.

This Pre-Series A round was led by LB Investment, a 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 along with Future Play and SJ Investment Partners from a previous round.

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