South Korean radar technology startup Bitsensing has raised $5.8 million in a pre-Series A funding round led by venture capital firm LB Investment and automotive supplier Mando Corporation.
Hansae, SB Partners also participated along with Future Play and SJ Investment Partners, according to an announcement. Mando has come in as a strategic investor.
Founded in 2018, Bitsensing claims to develop innovative radar-based sensing technology that is reliable, compact, multifunctional, and affordable to make everyday life safer.
Bitsensing’s radar sensors not only detect targets but also can track and map what is happening in any environmental setting in real-time without creating privacy issues or compromising performance in harsh weather.
The company said it will use the fresh funding to further enhance technology, expand offerings in key industries and grow its global presence and enhance global partnership.
“We believe their (Bitsensing) radar technology can be used not only in mobility industry but in other applications, creating a new market,” said Jason Koo, senior managing director of LB Investment (Formerly known as LG Venture Investment).
Bitsensing had previously raised $1.2 million in seed rounds. The new round brings the total equity financing of the company to $7 million.
The company recently has joined NVIDIA Inception program, Infineon Partnership, Plug and Play Japan for Mobility, Plug and Play Thailand for Smart cities.