Jae-Eun Lee, CEO and founder of Bitsensing;
Provided by Bitsensing
BSouth Korean imaging radar technology developer itssensing has raised $25 million in a Series B round to expand beyond autonomous vehicles and smart cities, partnering with strategic investor HL Mando, a major auto parts manufacturer, and its sister company.
Bitsensing said in a statement this week that investors in the Series B round included HL Mando, Life Asset Management, South Korean city gas supplier Samcholi’s SCL Investment and Woori Financial Group. The company declined to disclose the valuation.
The Series B round brings the company’s total outside funding to $46 million. Bitsensing CEO and founder Jae-Eun Lee said in a video interview that the company is currently in talks with a global semiconductor company for an extension round.
This is HL Mando’s fourth investment in BitSensing, said Lee, a former senior engineer at the auto parts supplier. HL Mando is chief executive officer of South Korean conglomerate HL Group (formerly Hara Group). HL Group was founded in 1962 as Hyundai International by Chung In-young, the brother of Hyundai Motors founder Chung Ju-young. HL Group Chairman Chung Mong-won is the uncle of Hyundai Motors Chairman and billionaire Chung Eui-sung.
Founded in 2018, Bitsensing develops high-resolution radar for self-driving cars and smart city applications. Lee said he expects the company to be profitable next year and plans an initial public offering in 2026.
Provided by Bitsensing
Bitsensing, based in Seongnam, south of Seoul, has partnered with HL Cremove, the autonomous driving unit of HL Group, to incorporate its radar technology, Lee said, adding that Bitsensing’s radar sensors for automobiles can be manufactured by HL Mando.
Beyond cars, Li said Bitsensing’s imaging radar technology could also be applied to smart homes, and the startup is working with HL Group’s construction division (another major business unit) to develop smart home products.
“Current smart home technology uses infrared sensors, which are very simple and cheap, but not very accurate,” says Lee, who earned his doctorate in electrical and computer engineering from Seoul National University. “So they’re usually only used for very simple applications like motion sensor lights. But our radar sensor is more accurate and can control all lights and electronic devices.” For example, Bitsensing’s radar sensor can detect if a person has fallen asleep while watching TV, based on their breathing and chest movements, and turn off the TV if they are asleep.
The sleep-monitoring feature could also be used in the medical sector, such as in hospitals and elderly care facilities, Li added.
Another growth area for Bitsensing is robotics. “HL Group develops robots for various applications, such as delivery robots and patrol robots,” Lee says. “When HL Group develops a robot, it needs a lot of sensors.”
Li is exploring further ways to leverage BitSensing’s radar technology. “HL Group has many subsidiaries,” he said. In addition to mobility and construction, HL Group also has logistics businesses and owns golf resorts, ice hockey teams and universities.
“Our mission is ‘radar everywhere,'” Lee said.
