Korean autonomous driving startup 42dot bags $88.5M Series A to accelerate its growth – TechCrunch
42dot, a South Korea-based autonomous Transportation-as-a-Service (TaaS) startup, introduced in the present day it has raised $88.5 million (104 billion WON) in a Collection A spherical of funding to advance its city mobility working system (UMOS).
The Collection A brings the startup’s complete raised up to now to $130.1 million. The corporate valuation is now estimated at $425 million (500 billion WON), a supply aware of the matter mentioned. A spokesperson at 42dot declined to touch upon the valuation.
The newest funding included participation from new traders like Shinhan Financial Group, Lotte Rental, Lotte Ventures, STIC Ventures, We Ventures, DA Worth Funding, and others. Returning backers additionally joined the Collection A spherical, however the spokesperson didn’t present their info. South Korea’s a number of massive conglomerates, together with Hyundai Motor, Kia Motors, LG Electronics, SK Telecom and CJ Logistics, invested within the firm’s $42 million pre–Collection A in September 2019.
The Seoul-based firm will use the proceeds to advance its AI-based know-how, set up joint ventures and rent employees. It has 200 workers as of October, the spokesperson famous. The corporate additionally plans to broaden its enterprise by means of funding and M&A, based mostly on its assertion. In July, 42dot signed a memorandum of understanding (MOU) with South Korean monetary agency Shinhan Capital to develop a mobility monetary service.
42dot was based in 2019 by CEO and co-founder ChangHyeon Tune, who can be Head of TaaS group at Hyundai Motors. In April, the South Korea-based automaker set up a new TaaS division to strengthen its mobility methods.
The lidar-free self-driving firm developed an autonomous driving software program and {hardware} resolution, AKit, which makes use of solely two forms of sensors reminiscent of cameras and imaging sensor radar to carry out all points of sensing the setting surrounding the autonomous automobile.
42dot additionally constructed full-stack autonomous mobility and logistic platform known as ‘Faucet!’ that gives a raft of companies throughout ride-hailing, fleet administration, demand-responsive transport, good logistics and extra.
The corporate’s two core options, Akit and Faucet!, are anticipated to commercialize in 2023. Its purchasers can be primarily autonomous carmakers and mobility platform operators, the spokesperson mentioned.
“Sooner or later, cities can be operated beneath a federated totally autonomous, self-managing, self-healing logistics and transportation infrastructure. The brand new infrastructure will present a way more optical and cost-effective method to transfer individuals and items,” Chang famous in its press package.
