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Seoul Robotics, has been selected as an ‘Innovative Icon’ startup to receive a $12M investment from the Korean government. The Korea Credit Guarantee Fund conducted a rigorous, four-month analysis of more than 200 companies and ultimately selected Seoul Robotics, along with five other companies, based on its potential to reach unicorn status.
Innovation Icon is a global scale-up program for Korean startups with high potential for growth. The investment further demonstrates the government’s trust in Seoul Robotics, one of the country’s most promising startups. The $12M investment is in addition to previous funding from the Korean government including a $3M grant for autonomous vehicle deployment. The company also secured a $6M seed round in December of 2019.
Seoul Robotics’ mission is to deliver sensor agnostic software solutions that fill the need for perception used by autonomous vehicles and mobile robots to navigate their world. Every autonomous vehicle and AMR needs object detection, localization and mapping in order to safely and accurately move. Most AV and robotics companies have either built their own SLAM software or leverage baseline capabilities in operating environments like ROS. The company is already working with an number of marque automotive companies including BMW, Volvo and others. They also have signed numerous OEM deals with LiDAR manufacturers.
Earlier this year, Seoul Robotics made its formal debut in the US market with the announcement of the company’s first commercial product, Discovery. This all-in-one sensor and software platform further expands access, reduces the cost, and simplifies the implementation of LiDAR-based solutions in applications ranging from smart city, smart factory and smart home to logistics, mobility, robotics and more.
This bridge round will provide debt financing that enables Seoul Robotics to further expand its global presence and continue democratizing LiDAR through its sensor agnostic perception software. Companies previously selected in the Innovative Icon Program have achieved IPO, 89.5% sales growth, 64% employment growth and $223M in follow-up investment.
“The 3D perception market, backed by LiDAR and 3D sensors, continues to see considerable growth, and we’re breaking down the barriers to entry to bring this technology to applications across a wide array of industries,” said HanBin Lee, CEO of Seoul Robotics. “SENSR is the world’s most advanced perception software for 3D sensors and the most widely used platform available. This investment will propel our ability to bring the power of 3D perception to the masses to ultimately foster a more intelligent and safe world.”
Seoul Robotics provides OEMs, system integrators, and government agencies around the world with access to LiDAR and 3D sensor solutions through its proprietary perception software platform, SENSR™. The sensor-agnostic software uses machine learning to analyze and understand 3D data with extreme accuracy to support a range of functions from basic tracking and monitoring to autonomous mobility. Prior to the company’s founding in 2017, there was no bridge between LiDAR manufacturers and industries outside the automotive market that could benefit from the insights provided by 3D data.