‘Next Samsung, Hyundai’ Dreaming Domestic Autonomous Driving Pioneer: Seoul Robotics CEO Hanbin Lee
Autonomous driving is one of the fastest-growing future industries, garnering significant attention. It is a cutting-edge technology that is making waves across the mobility sector, including the automobile industry, where global big-tech companies like Tesla and Google are fiercely competing. To mark the new year, we sat down with Hanbin Lee, CEO of Seoul Robotics, a company demonstrating outstanding competitiveness as a Korean player in the "future industry stage" of autonomous driving. We explored the B2B autonomous driving market targeted by Seoul Robotics and Hanbin Lee’s vision of the "autonomous driving endgame."
BMW Approves of Seoul Robotics’ 'Level 5' Technology
When we met Hanbin Lee at Seoul Robotics' headquarters in Seocho-gu, Seoul, he exuded a distinct style reminiscent of icons of innovation such as Apple’s Steve Jobs and Facebook’s Mark Zuckerberg. He is known for consistently appearing at official events wearing a Boston Red Sox cap and Crocs, creating a personal trademark similar to Jobs' black turtleneck or Zuckerberg’s hoodie.
“This has been my identity since high school in Boston, USA,” Lee shared with a smile. “It helps me stay grounded and maintain my initial mindset.”
There’s even an amusing anecdote tied to this identity. He once risked landing on a "blacklist" to maintain it.
“Last year, I attended a presidential invitation event in my Boston cap and Crocs and ended up getting playfully smacked on the back by the presidential chief of staff,” he laughed. “But I think keeping one’s identity, like Jobs, is important.”
Founded in 2017, Seoul Robotics is a B2B autonomous driving startup that gained fame after being chosen by BMW, a leading global automaker, for its full autonomy "Level 5" (a stage of autonomous driving where all driving is performed without human intervention) technology.
“We can’t disclose our clients due to contractual obligations, but BMW made our collaboration public themselves,” Lee explained. “BMW chose us because our technology works outdoors and in adverse conditions like rain and snow.”
Seoul Robotics first received an inquiry from BMW in 2019 when the autonomous driving industry was still in its infancy, and very few companies were capable of implementing "Level 5" technology. Since Seoul Robotics had aimed for "Level 5" from the start, it was a natural choice for BMW.
The company currently provides autonomous driving services in private spaces like factories and logistics centers, such as "car delivery services." Traditionally, moving completed vehicles to ships or designated locations requires human drivers, incurring high labor costs. Seoul Robotics automates this delivery process through its autonomous driving services.
“All automakers are struggling with a shortage of delivery drivers,” Lee said. “Labor costs are high, and even short-term hires statistically quit within three months. We’re replacing this shortage with a subscription service, cutting costs in half compared to traditional methods.”
'Target Driving' with a Margin of Error as Small as 10 cm
Seoul Robotics’ "Level 5" implementation has not been without criticism in the industry.
Acknowledging this, Lee said, “Academics may debate whether it truly qualifies as Level 5 since the benchmark is typically public road implementation. However, our technology is not something just anyone can achieve, even outside public roads.”
With eight years of experience in the still-nascent autonomous driving industry, Seoul Robotics boasts “world-class references” in the B2B sector. Its eight years of proprietary perception data stand out in a market where data and algorithms are critical.
“Our approach is vertically integrated,” Lee explained. “We go deeper into areas like perception, factory infrastructure, and logistics, connecting them into a unified system.”
Seoul Robotics prides itself on seamless "autonomous fleet control" with a precision margin of just 10 cm.
“Our system parks better than I do,” Lee said with a laugh. “Among systems operating on a factory scale outdoors, ours is unmatched. We aim to reduce the margin of error to 2 cm and make it our selling point.”
Valued at 280 Billion KRW, IPO Planned for 2025
Seoul Robotics competes in the B2B autonomous driving sector with global automotive suppliers like Bosch and Continental. While competitors mainly partner with Chinese automakers, Seoul Robotics has established itself in Europe, claiming over 50% of the B2B market share.
A graduate of Penn State’s mechanical engineering program, Lee stressed the importance of proprietary software.
“To be competitive in autonomous driving, companies need proprietary sources,” Lee said. “With open-source data, conclusions can vary, but with proprietary systems, you can build precise systems and focus where it matters most.”
Seoul Robotics is now entering "Version 2.0," focusing entirely on factories and logistics centers.
“Over eight years, we’ve developed resilience,” Lee said. “Despite reducing staff by half from 100 in 2023, we achieved a 33% increase in revenue by concentrating on priorities.”
Since winning the LiDAR category at a 2017 global autonomous vehicle competition, Seoul Robotics has been recognized as an innovative company at home and abroad. The company, named one of Fast Company’s "Most Innovative Companies" in 2023, plans to go public this year.
“We’ve secured all the investments we can, including Series B funding, and now only the IPO remains,” Lee revealed. “The market has valued us at 280 billion KRW, and we aim to list on the KOSDAQ through a technology special listing by Q3 this year.”
Aiming to Be the Next Samsung or Hyundai
Seoul Robotics is in talks with eight global companies and is in the final stages of commercialization with four of them.
“We’re already generating tens of billions of KRW in revenue through pilot tests,” Lee said. “If finalized, these contracts could scale to hundreds of billions of KRW.”
Once listed and successful with these contracts, Seoul Robotics expects to accelerate its global expansion into the U.S., Europe, and Asia. Over 70% of its engineers are foreign nationals, underscoring its readiness for international growth.
Lee, who frequently travels overseas and is a regular speaker at Korea’s largest global startup festival, COMEUP, embodies a rising star in the industry.
Born in 1991 and inspired by Hyundai founder Ju-young Chung, Lee dreams of even greater accomplishments.
“Ju-young Chung took on cars and ships when they were deemed impossible and succeeded in exporting them,” Lee said. “My dream is to grow into a sustainable autonomous driving robotics company. With our technology, we could even launch a robotaxi business if funding were available. Ultimately, I hope Seoul Robotics becomes a next-generation Korean company responsible for the country’s industrial future, like Samsung and Hyundai.”
Reflecting on Korea’s economic outlook, Lee identified "survival" as this year’s key theme. “I hope to hear news of Korea’s exports growing explosively,” he said.
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