Seoul Robotics to Pursue Initial Public Offering with Samsung Securities as it Expands OEM Partnerships, Presence in Global Automotive Logistics Market
SEOUL, South Korea, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Seoul Robotics, a leader in commercial autonomous driving solutions, today announced it will pursue an initial public offering (IPO) and has selected Samsung Securities as the lead manager for its listing on the KOSDAQ in 2025. The announcement comes on the heels of the company securing new partnerships with two of the top global automotive OEMs.
Seoul Robotics provides first- and last-mile autonomous driving solutions that bring level-5 autonomy to controlled environments, such as vehicle production plants. As the pioneer of Autonomy through Infrastructure (ATI), the company’s novel approach and advanced technology enables OEMs to improve operational efficiencies, navigate labor shortages, and significantly reduce costs.
Seoul Robotics’ full-stack solution, Level 5 Control Tower (LV5 CTRL TWR), was introduced in 2022 and first deployed by BMW to transform finished vehicle logistics at its production site in Dingolfing, Germany. Powered by deep learning AI with weather-filtering capabilities, LV5 CTRL TWR uses a mesh network of sensors and computers on infrastructure to guide vehicles autonomously without requiring sensors to be placed on individual vehicles. By installing sensors equipped with 3D perception software around vehicles like on buildings or overhangs – the system can fully capture the environment and communicate with other sensors and the 4/5G systems that come standard on vehicles today. LV5 CTRL TWR is the brains of this mechanism, collecting all the environmental data and using V2X communications to autonomously move vehicles off the factory floor with unrivaled safety and efficiency.
“Seoul Robotics’ technology has transformed first and last mile logistics, unlocking new efficiencies and solving pain points for OEMs,” said HanBin Lee, CEO of Seoul Robotics. “We’ve successfully completed the largest deployment of automated driving in a production environment. Now, we’re laser-focused on bringing the proven performance of our solution to additional partners and expanding our presence in the global automotive logistics industry.”
Ahead of its 2025 listing on the KOSDAQ, Seoul Robotics plans to conduct a pre-IPO funding round this year. The company will focus on recruiting top talent and intensifying research and development efforts to further enhance its capabilities, aiming to attract additional major clients in the global market.
To learn more about Seoul Robotics, please visit www.seoulrobotics.org.
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