Provider of radar solutions bitsensing has successfully closed its Series B funding round, raising $25m to support the company’s growth and innovation plans.
Led by prominent venture capital firms and strategic investors, the Series B funding will be utilized to scale operations, invest in research and development, explore new market opportunities, expand the team, enhance its radar solutions and establish strategic partnerships.
The funding round was backed by investors including the Korea Development Bank, HL Mando Corporation, Industrial Bank of Korea, Aju Capital, Life Asset Management and SCL Investment.
bitsensing’s high-resolution 4D imaging radar has been designed to provide more than 300 meters of range coverage for the automotive industry, utilizing array patterning and radar signal processing algorithms.
“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.”