News Contact Us

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

Related News

Israeli AIOps firm Loom Systems to be acquired by ServiceNow

Published Date: 2020-01-27         Author: Pankaj Singh

California based cloud computing company, ServiceNow, Inc. has reportedly announced its plan to acquire Israel-based AIOps firm, Loom Systems. Through the takeover, ServiceNow looks to add AIOps into its portfolio. AIOps has become an integral part of IT management. Essentially, it is the applica... Read More

Tata Motors rolls out BS-VI complaint Altroz premium hatchback

Published Date: 2020-01-24         Author: Pankaj Singh

Indian automotive giant, Tata Motors has forayed into the premium hatchback market by introducing Altroz, a car that would challenge the Hyundai Elite i20 and Maruti Suzuki Baleno. The hatchback is said to available at an introductory price of Rs 5.29 lakh ex-showroom and comes in BS-VI complaint di... Read More

Houston-based McDermott International to soon file for bankruptcy

Published Date: 2020-01-22         Author: Pankaj Singh

Oilfield service company, McDermott International has recently confirmed plans to file for Chapter 11 bankruptcy. Sources close to the matter cite that McDermott would file a prepackaged restructuring plan at the United States Bankruptcy Court in Houston. The restructuring plan, which has the bac... Read More

© 2020 Fractovia. All Rights Reserved