[Venture Spotlight] 'Valued at 280 Billion KRW (approx. $210 million)': Seoul Robotics Secures New Investment
Industrial autonomous driving company Seoul Robotics has secured new investment, with its corporate valuation recognized at 280 billion KRW (approx. $210 million). This development brings the company closer to its goal of an initial public offering (IPO) in September next year.
On the 3rd of December, Seoul Robotics announced that it had completed a "bridge round" of investment with venture capital firm TK Investment. Following a 30.8 billion KRW (approx. $23 million) Series B funding round in 2022, Seoul Robotics has entered IPO preparation this year. The latest investment serves as a bridge round connecting the Series B and pre-IPO funding phases.
Founded in 2017, Seoul Robotics develops 3D LiDAR (Light Detection and Ranging) software, often referred to as the "eyes of autonomous driving." Its industrial software technology, "Level 5 Control Tower," enables vehicles without autonomous driving features to operate as if they were autonomous vehicles.
Leveraging this technology, Seoul Robotics is in the process of finalizing contracts with multiple global automobile manufacturers. The technology is applied in the "delivery" process, where vehicles are transported from production lines to parking lots and subsequently to ships or transport trucks. The company is pursuing contracts structured to generate revenue from automakers each time a delivery occurs.
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