Recently, Bitsensing, a leading provider of advanced radar solutions in South Korea, announced the successful completion of Series B financing, with a financing amount of up to $25 million (approximately RMB 181.6 million).
This major investment is led by a series of well-known venture capital firms and strategic investors, which not only demonstrates Bitsensing's leading position in the radar technology industry, but also injects strong momentum into its global growth and innovation strategy, helping to achieve the vision of "radar everywhere".
Purpose of funds and investor portfolio
Btisensing's 4D millimeter wave radar products stand out in the industry for their outstanding performance. According to official data, its radar system can detect obstacles of 10 * 30 centimeters in size within a range of 300 meters and has the ability to recognize targets with speeds exceeding 0.6km/h. This feature makes Btisensing radar have broad application prospects in intelligent driving systems.
At present, laser radar and high-order millimeter wave radar are widely used in the autonomous vehicle market, but the high cost of these devices makes it difficult for low-end vehicles to bear. And Btisensing's 4D millimeter wave radar provides a more cost-effective solution. It can not only serve as a substitute for the intelligent driving system of mid to low-end vehicle models, but also be used in conjunction with LiDAR in advanced vehicle models to reduce the cost of the entire system.
Industry insiders believe that Btisensing's 4D millimeter wave radar technology has enormous market potential. With the continuous development of autonomous driving technology, the demand for high-precision and highly reliable radar systems will continue to grow. With its unique technological advantages, Btisensing is expected to occupy an important position in this field.
The strategic use of this Series B financing will focus on Bitsensing's business expansion, R&D investment, and exploration of new market opportunities. The company plans to take this opportunity to expand its team size, enrich its product portfolio, and work together with more strategic partners to drive growth and create more value for global customers.
Bitsensing's financing has received strong support from top investors including Korea Industrial Bank, HL Mando Corporation, Aju Capital, Life Asset Management, and SCL Investment. These investors highly praise Bitsensing's advanced radar technology, believing that it has disruptive potential in fields such as automobiles, smart cities, and medical technology. It is worth mentioning that HL Mando Corporation has participated in Bitsensing's investment for the fourth consecutive time, which further reflects its firm confidence in the company's vision and capabilities.
Dr. Jae Eun Lee, CEO of Bitsensing, said, "We firmly believe that our cutting-edge radar solutions will play a transformative role in multiple industries and are committed to making 'radar everywhere' a reality. This financing will accelerate Bitsensing's next phase of growth, and we will continue to increase our investment in technology research and development, expand our product range, and further enhance our global market share."
Covering advanced radar technology applications
Bitsensing has always been at the forefront of radar technology innovation, and its high-performance automotive grade radar has been widely used in fields such as autonomous driving, smart cities, and medical technology. Its radar system aims to enhance the security, efficiency, and convenience of various applications, and is driving innovation in the following areas:
-Automotive radar
Bitsening's imaging radar products, relying on high-resolution 4D imaging technology, provide autonomous vehicle with more comprehensive environmental awareness capabilities, covering more than 300 meters, and have unique array technology and radar signal processing algorithms to ensure the ultimate reliability. In addition, its advanced corner radar products also provide a surround detection solution for the autonomous vehicle system, and the detection distance is 50% higher than that of the traditional radar.
-Traffic radar
Bitsensing's Traffic Insight Monitoring Sensor (TIMOS) is an intelligent transportation system (ITS) solution that integrates artificial intelligence computing devices, providing visibility and intelligent analysis capabilities for 12 lanes, including vehicle category detection, safety event recognition, and more. At present, the system has been applied in six countries, including the Lunshan to Tian'an Expressway in South Korea.
-Medical and Health Technology Radar
Bitsensing's radar technology is also applied in the field of digital health, especially in sleep care. Its radar can monitor sleep quality, apnea events, limb movements, and provide data analysis services such as sleep scores, summaries, and lifestyle recommendations.
Latest progress and milestones
In the past year, Bitsensing has achieved multiple important milestones, including achieving the highest evaluation TI-1 in technology rankings, being designated as a national core technology enterprise, and successfully winning multiple global projects. These achievements not only further consolidate its leadership position in the field of radar technology, but also demonstrate its ability to meet the diverse needs of the international market.
Since its establishment, Bitsensing has won numerous honors for its proprietary technology, including the "Best New Product" award at the 2019 Korea Electronics Show, the 2020 CES Smart City Innovation Award, the 2020 TechCrunch Disrupt Award, and the CES 2022 Vehicle and Transportation Technology Innovation Award. In the 2022 Series A financing, the company raised $10 million, and as of now, Bitsensing has raised a total of $46 million (including this round of financing).
Source: OFweek
