Radar company bitsensing announces $25M Series B

This investment, led by venture capital firms and strategic investors, highlights bitsensing’s position in the radar technology industry and will drive the company toward its global expansion and objectives to integrate radar technology universally.

The Series B funding will be allocated to scaling bitsensing’s operations, enhancing research and development, and exploring new market opportunities. The company intends to grow its team, improve its product offerings, and form strategic partnerships to foster growth and deliver value to its global customer base.

Top-tier investors such as the Korea Development Bank, HL Mando Corporation, Industrial Bank of Korea, Aju Capital, Life Asset Management, and SCL Investment have backed bitsensing’s latest funding round, acknowledging the company’s potential to revolutionise sectors like automotive, smart cities, and health tech with its radar technology. Notably, this marks the fourth consecutive investment from HL Mando Corporation, underscoring its strong confidence in bitsensing’s vision and capabilities.

“We truly believe in the transformative role our cutting-edge radar solutions will have across a host of industries and want to make ‘radar everywhere’ a reality,” said Dr. Jae-Eun Lee, CEO of bitsensing. “We are thrilled to have the support of such esteemed investors and this funding round will accelerate the next phase of bitsensing’s growth. With this new investment, we’ll be focused on the further development of our technology, expanding our product offerings, and enhancing our global market presence."

bitsensing has been expanding the application of its high-performance, automotive-grade radar across a wide array of fields including autonomous driving, smart cities, and health tech. Designed to enhance safety, efficiency, and convenience, bitsensing’s radar systems are driving advancements in the following areas:

Automotive radar: bitsensing’s imaging radar revolutionises autonomous vehicle perception by offering high-resolution 4D imaging with a range exceeding 300 meters. Its unique array patterning technique and advanced radar signal processing algorithms ensure high reliability.

Additionally, the advanced corner radar product enhances surround detection for autonomous vehicles, boasting a 50% improvement in detection range over traditional radar.

Traffic radar: the Traffic Insight Monitoring Sensor (TIMOS) is an all-in-one traffic sensor integrating an AI computing device into an intelligent transport system (ITS). It monitors 12 lanes of traffic, detects various vehicle classes (cars, motorcycles, etc.), and identifies safety issues such as jaywalking, wrong-way driving, speed violations, and stationary vehicles. TIMOS is currently deployed in six countries, including South Korea’s Nonsan-Cheonan Expressway.

Health technology radar: in the realm of digital health, bitsensing’s radar technology is focused on sleep care. It monitors sleep quality, apnea events, limb movements, and provides data analysis including sleep scores, summaries, and lifestyle recommendations.

Over the past year, bitsensing has achieved several notable milestones, solidifying its leadership in the radar technology sector. It received the top evaluation, TI-1, in the Tech Ranking, recognising its technological prowess and innovation. Bitsensing was also designated as a national core technology company, highlighting its pivotal role in South Korea’s technological advancement. The company has secured multiple global projects, showcasing its capability to meet diverse international market demands and strengthening its global presence.

Since its inception, bitsensing has garnered numerous accolades for its proprietary technology, including the ‘Best New Product’ award at the 2019 Korea Electronics Grand Show, CES 2020 Innovation Awards Honoree for Smart Cities, 2020 TechCrunch Disrupt Winner, and CES 2022 Innovation Awards Honoree for Vehicle and Transportation Technology. In 2022, bitsensing raised $10 million in Series A funding and has raised a total of $46 million (including the current round) since its founding.