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SEOUL, South Korea, June 18, 2024 – bitsensing, a leading provider of advanced radar solutions, today announced the successful closure of its Series B funding round, raising $25 million. This significant investment, led by prominent venture capital firms and strategic investors, underscores bitsensing’s pioneering role in the radar technology industry and will propel the company toward its ambitious global growth and innovation goals to bring ‘radar everywhere’.
The Series B funding will be utilized to scale bitsensing’s operations, invest in research and development, and explore new market opportunities. The company plans to expand its team, enhance its product portfolio, and establish strategic partnerships to drive growth and deliver value to its customers worldwide.
bitsensing’s latest funding round is backed by top-tier investors including the Korea Development Bank, HL Mando Corporation, Industrial Bank of Korea, Aju Capital, Life Asset Management, and SCL Investment who recognize bitsensing’s potential to revolutionize various sectors such as automotive, smart cities, and health tech with its state-of-the-art radar technology. Notably, this marks the fourth consecutive time that HL Mando Corporation has participated in funding bitsensing, reaffirming its strong belief in the company’s vision and capabilities.
“We truly believe in the transformative role our cutting-edge radar solutions will have across a host of industries and want to make ‘radar everywhere’ a reality,” said Dr. Jae-Eun Lee, CEO of bitsensing. “We are thrilled to have the support of such esteemed investors and this funding round will accelerate the next phase of bitsensing’s growth. With this new investment, we’ll be focused on the further development of our technology, expanding our product offerings, and enhancing our global market presence.”
bitsensing has been at the forefront of radar technology innovation, expanding the use of its high-performance, automotive-grade radar across a variety of applications in autonomous driving, smart cities, health tech, and beyond. Designed to improve safety, efficiency, and convenience across various applications, bitsensing’s radar systems are currently driving innovation across the following sectors:
- Automotive radar:
- bitsensing’s imaging radar product transforms the way the autonomous vehicle understands its surroundings by providing high-resolution 4D imaging. With a range coverage of more than 300 meters, its unique array patterning technique and radar signal processing algorithms deliver the ultimate reliability.
- In addition, its advanced corner radar product provides a surround detection solution for autonomous vehicle systems with a 50% advancement in detection range compared to conventional radar.
- Traffic radar:
- bitsensing’s Traffic Insight Monitoring Sensor (TIMOS) is an all-in-one traffic sensor that integrates an AI computing device into an intelligent transport system (ITS) solution. It provides visibility and intelligence across 12 lanes of traffic, vehicle class detection (i.e. cars, motorcycles, etc.), and the ability to identify a host of safety issues, including jaywalking, wrong-way driving, speed violations, and stationary vehicles. It is currently being used across six countries, including South Korea’s Nonsan-Cheonan Expressway.
- Health technology radar:
- bitsensing’s radar is also applied to application services for digital health, focused on sleep care. Its radar monitors sleep quality, apnea events, limb movements and also provides data analysis like sleep scores, summaries and lifestyle recommendations.
Over the past year, bitsensing has achieved several significant milestones, further cementing its position as a leader in the radar technology sector, including the top evaluation, TI-1, in the Tech Ranking, a testament to its technological prowess and innovative capabilities. Additionally, bitsensing was designated as a national core technology company, highlighting its critical role in advancing technological innovation in South Korea. The company has also successfully secured multiple global projects, showcasing its ability to meet the diverse needs of international markets and solidifying its presence on the global stage.
Since inception, bitsensing has been awarded numerous accolades for its proprietary technology, including a “Best New Product” award at the 2019 Korea Electronics Grand Show, CES 2020 Innovation Awards Honoree for Smart Cities, 2020 TechCrunch Disrupt Winner, and CES 2022 Innovation Awards Honoree for Vehicle and Transportation Technology. The company raised $10m in Series A funding in 2022 and has raised $46m (including this round) since its inception.
For more information about bitsensing and its innovative radar solutions, please visit www.bitsensing.com.
