Israeli tech startup AdaSky raises $20m from South Korea’s Sungwoo Hitech

AdaSky
Photo: AdaSky website

Israeli startup AdaSky, which provides far-infrared (FIR) camera technology to help self-driving cars “see” better, has raised $20 million from Korean automobile component manufacturer Sungwoo Hitech.

AdaSky said the investment was part of a larger Sungwoo Hitech-led funding round and will bolster its global expansion.

The proceeds will be used by the company for R&D projects and trials with original equipment manufacturers (OEMs) and to expand its product feature roadmap. AdaSky has developed a solution called Viper, which combines FIR camera technology with fusion-ready, deep-learning computer vision algorithms for autonomous vehicles.

“We strongly believe that AdaSky’s technology will enable 24/7 sight and perception for vehicles and put us all on the path to fully autonomous driving. Our investment in AdaSky strengthens our capabilities in supplying key technology for OEMs of autonomous vehicles, which is vital for our long-term growth in the automotive market,” said Sungwoo Hitech chairman and co-CEO Myung-Keun Lee.

Founded in 2015 by veterans from the semiconductor, thermal sensor, image processing, and computer vision markets, AdaSky claims to be the first to build FIR sensor cameras for self-driving cars.

The global infrared sensors market is expected to reach as much as $20.8 billion by 2024, according to Research and Markets.

Sungwoo Hitech was established in 1977 and has footprints across Asia, Europe, and North America. The firm produces automobile body and structural components for global automakers such as Hyundai, Kia Motors, General Motors, BMW, Volkswagen, Daimler and Nissan. It is now seeking new business opportunities in the field of electric vehicles (battery packs) and autonomous cars (sensors).