Bitsensing, a South Korean developer of imaging radar technology, has raised a $25 million Series B round as the startup seeks to partner with strategic investor HL Mando, a leading car parts maker, and its sister companies to expand beyond autonomous vehicles and smart cities.
Series B investors include HL Mando, Life Asset Management, South Korean city gas supplier Samchully’s SCL Investment and Woori Financial Group, Bitsensing said in a statement this week. The startup declined to disclose the valuation.
The Series B round boosts total outside funding to $46 million. Jae-Eun Lee, CEO and founder of Bitsensing, says in a video interview that the startup is currently in talks with a global semiconductor company for an extension round.
This is the fourth time HL Mando has invested in Bitsensing, says Lee, who was previously a senior engineer at the auto components supplier. HL Mando is the crown jewel of South Korean conglomerate HL Group, formerly Halla Group. HL Group was founded as Hyundai International in 1962 by Chung In-yung, younger brother of Hyundai founder Chung Ju-yung. HL Group’s chairman, Chung Mong-won, is an uncle of billionaire Euisun Chung, Hyundai Motor’s chairman.
Bitsensing, founded in 2018, develops high-resolution radars for autonomous cars and smart city applications. Lee says Bitsensing expects to become profitable next year and is planning an initial public offering in 2026.
Based in Seongnam, south of Seoul, Bitsensing is working with HL Klemove, HL Group’s autonomous vehicle unit, to incorporate its radar technology, says Lee. Bitsensing’s automotive radar sensors can be manufactured by HL Mando, he adds.
Besides cars, Lee says Bitsensing’s imaging radar technology has potential applications for smart homes. The startup is working on smart-home offerings with HL Group’s construction arm—the conglomerate’s other major business area.
“Current smart home technology uses infrared sensors, which is very simple and cheap, but it is not that accurate,” says Lee, who earned a Ph.D. in electrical and computer engineering from Seoul National University. “So it’s usually just used for very simple use cases, such as motion-sensor lights. But our radar sensors are more accurate and we can control all lights and electronic devices.” For example, Bitsensing’s radar sensors can detect whether a person fell asleep watching TV based on breathing and chest movement, then turn off the TV if the person is sleeping.
The ability to monitor sleep can also be used in healthcare, such as at hospitals and elderly-care centers, adds Lee.
Another growing area for Bitsensing is robotics. “HL Group is developing robots for various applications, like delivery robots and patrol robots,” says Lee. “If HL Group develops robots, they need a lot of sensors.”
Lee is still looking for more ways to utilize Bitsensing’s radar technology. “HL Group has a lot of subsidiaries,” he says. Besides mobility and construction, HL Group also has a logistics business and owns golf resorts, an ice hockey team and a university.
“Our mission is, ‘Radar everywhere,’ ” says Lee.
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