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Seoul Robotics raises $5M Funding for North American market expansion

Author : Pankaj Singh | Published Date : 2019-12-20 

Seoul Robotics, a leading company developing advanced software for Lidar sensors, has reportedly announced that it has raised $5M in funding from a Venture Capital firm led by a former head of Mergers and Acquisitions (M&A) for the APAC region for Google and the biggest Korean financial institutions.

Seoul Robotics has recently established its U.S. headquarter in Michigan to speed-up the growth in the North American market, which is led by David Han, the former global BD Director of Visteon. The company also has European OEMs as customers.

The company has released their very first software platform called SENSR™ which is an AI enabled self-driving car grade perception software used for 3D Lidars that gives highest accuracy of object detection, classification and tracking at minimum computational cost.

SENSR™ is presently being deployed for Korean institutions and corporations as well as European OEMs. It helps companies to utilize 3D Lidars without investing millions and wasting years to create their very own 3D data processing AI.

The funding round had been led by KB investment, one of Korea’s leading investment firms of venture capital, followed by KDB Capital and Artesian VC, the third largest Venture Capital in Australia. The capital would be used to further expand in the market of North America and develop Seoul Robotics technology into FPGA and embedded for mass mobility Lidar market by the end of 2020. Seoul Robotics would also allocate resources to meet demands from smart city market and from industrial robotics.

?SENSR™ by Seoul Robotics has been a key to the development, being fully integrated with conventionally available Lidar. The company with its deep experience in a broad range of Lidar sensors has become a profitable authority for choosing the right Lidar for different smart city and autonomous applications.

HanBin Lee, Captain, Seoul Robotics, reportedly stated that the demand for 3D computer vision would continue to increase. The company would be at the forefront to accelerate growth of Lidar with their software.

Seoul Robotics would be showcasing the software platform SENSR™ from January 7 -10, at the CES 2020 in Las Vegas.

Source credit: https://www.businesswire.com/news/home/20191218005825/en/Seoul-Robotics-Secures-5M-Funding-Product-North

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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