Autocrypt Co., Ltd., a Seoul, South Korea-based autonomous driving security solutions provider, raised nearly $13m in Series A funding, bringing the total to $15M raised in 2020.
Backers included major Korean investors KB Investment, Pathfinder H, Ulmus Investment, Korea Asset, Hyundai Venture Investment Corp., and IBK.
The company intends to use the funds to enhance the V2X security technology and expand security operations into more Intelligent Transportation Systems (ITS) projects.
Led by CEO and co-Founder, Daniel ES Kim, Autocrypt provides end-to-end vehicle security for connected and autonomous vehicles and surrounding infrastructure. The company currently secures all smart roadways and highways in South Korea, totaling over 5000 kilometers.
Due to a rising demand in autonomous and electric vehicle security technology, Autocrypt also announced the opening of its North American office, located in Toronto, Canada. The new branch will allow for V2X and Plug&Charge security solutions to be more widely accessible to testbeds, OEMs, Tier-1 suppliers, and automotive software or service providers located in North America. The company is currently in talks with potential partners in the region and plans to begin active business operations in Q2. With its offices now in South Korea, China, Japan and Canada, Autocrypt is also planning to expand into the United States and Europe in 2021.