Seoul Robotics Secures $25 Million in Series B Funding to Advance Autonomous Mobility Through Smart Infrastructure
IRVINE, Calif. and SEOUL, Republic of Korea, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Seoul Robotics, the company powering the future of autonomy through smart infrastructure, today announced approximately $25M Series B funding, led by KB Investment.
Seoul Robotics was founded in 2017 to provide the mobility industry with the most advanced computer vision for 3D sensors and pioneer a new approach to automating vehicles called 'Autonomy Through Infrastructure' (ATI). ATI involves placing autonomous driving systems on infrastructure, rather than each car, to capture the holistic view required to achieve vehicle autonomy.
This novel approach enhances the scalability and financial viability of intelligent transportation networks by removing the prohibitive costs of equipping individual vehicles with cameras and sensors, while also overcoming safety barriers by creating a shared vision without blindspots. Seoul Robotics will use the Series B funding to bring its industry-leading, infrastructure-based autonomous driving solutions to the global logistics industry.
"Infrastructure has been assisting drivers since the first traffic light was introduced over a hundred years ago, but unlike the current system, which is designed to assist humans, Seoul Robotics is pioneering a new way to leverage infrastructure that enables autonomous robots and cars to reach their full potential,” said HanBin Lee, CEO and Co-Founder of Seoul Robotics. “This groundbreaking approach is made possible through our leading 3D computer vision technology that has been recognized as the most advanced solution in the industry. With this funding, we will continue developing industry-transforming solutions that will drive the future of mobility and deliver beyond what we can even conceptualize today."
LV5 CTRL TWR is currently being used to automate finished vehicle logistics at a BMW facility in Germany. Automating this historically manual process makes it safer and more efficient, while also enabling companies to overcome the industry-wide driver shortage. The new funding will fuel further development of this solution for automotive logistics, international expansion and new industry partnerships. Looking ahead, Seoul Robotics will also leverage the capital to extend its technology to additional logistic applications such as rental car fleets and trucking yards.
"Every organization is looking for ways to bring value and efficiency to driver operations, and the need for autonomous solutions is especially urgent given recent labor shortages in the logistics industry," said JunSeok Lee, Director at KB Investment. "Seoul Robotics is executing decisively on its vision for Autonomy Through Infrastructure with the LV5 CTRL TWR, delivering massive cost savings through an entirely new approach. Their success to date gives us full confidence that they will continue to transform the logistics industry, as well as great pride in the innovative spirit of Korea’s technology sector."
In addition to KB Investment, Noh and Partners, Future Play, Korean Development Bank, Artesian, and Access Ventures also contributed to Seoul Robotics’ Series B funding round.
To learn more about Seoul Robotics’ robust product offerings, or if you are interested in joining the company’s growing team, please visit www.seoulrobotics.org.
About Seoul Robotics
LaunchSquad for Seoul Robotics