South Korean autonomous driving startup 42dot valued at 434 million US dollars

South Korean autonomous driving start-up 42dot attracted investors’ attention with its advanced AI technology. Strategic and financial investors value the start-up at $434 million. In a Series A funding round on 29 October 2021, 42dot raised around US$93.7 million in capital, according to investment banks. Strategic investors included Shinhan Capital, Lotte Rental Co and LIG Nex1 Co, as well as venture capital firms IMM Investment, STIC Ventures and Timewise Investment. 42dot took four months of negotiations to secure the funds. In total, investors have now provided the start-up with US$127.7 million. According to an investment banker, it is unusual for a start-up to secure more than 85 million US dollars in fresh capital within one financing round. The development and production of AI technology is partly dependent on KC certification for relevant electronic parts and similar components.

Generally speaking, investors are currently spending large sums on AI start-ups that have been able to present working prototypes, the investment banker said. Last year, for example, FuriosaAI, a semiconductor startup, and Sendbird Inc, an AI chat developer, raised similarly large sums from investors. The AI technology of 42dot, which was founded in 2019, is based on cameras with a camera sensor called “RADAR”. In addition to image analysis, this uses radio waves to recognise the surroundings. The system is integrated in the so-called “AKit”, which only has the dimensions of half an A4 page. According to analysts, the market launch could be groundbreaking, since the module can be mounted in any car boot to save space due to its compact size. In addition to the controller, 42dot is developing the mobility platform “TAP!” and a map service for autonomous driving “SDx Map”. In April 2021, 42dot’s CEO Song Chang-hyun was appointed head of Hyundai’s new Transportation-as-a-Service (TaaS) division. The division has since taken over the mobility business of Hyundai Motor Co. and Kia Corp. 42dots core products such as AKit are expected to hit the market between 2023 to 2024.

South Korea is considered one of the most important and innovative industrial nations in the world. To gain market access to this highly technological country, products imported into South Korea must be tested and certified. The KC mark or certificate is roughly equivalent to the European CE mark and applies to 730 different products. MPR International GmbH has solid experience in Korea certification and competent local partners. We will be pleased to advise you without obligation about the scope and procedure of a Korea certification.

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Julian Busch

About the author: Julian Busch is the founder and managing director of MPR International GmbH

Publisher: MPR International GmbH

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