Bitsensing, a Seoul, South Korea-based radar technology startup, raised $5.8m in Pre-Series A round of funding.
The round was led by LB Investment, with participation from Mando Corporation, Hansae, SB Partners, Future Play and SJ Investment Partners.
The company will use the funds to further enhance their technology, expand its offerings in key industries and grow their global presence and enhance global partnership.
Led by Jae-eun Lee, CEO, Bitsensing is developing innovative radar-based sensing technology which leverages radar sensors to detect targets and track and map what is happening in any environmental setting in real-time without creating privacy issues or compromising performance in harsh weather. The radar sensors can be used in various industries, such as automotive, smart home, robotics and for autonomous driving. Bitsensing recently joined NVIDIA Inception program, Infineon Partnership, Plug and Play Japan for Mobility, Plug and Play Thailand for Smart cities.
The company had previously raised $1.2 million in seed rounds, and with the $5.8 million Pre-Series A, the total equity financing has amounted to $7 million.