bitsensing Raises $10 Million to Further Develop 4D Imaging Radar Solutions
The South Korean 4D imaging radar solution company bitsensing raised $10 million in Series A Funding. The total raised by the company is now $21 million since its inception. Investors include AF WPartners, ARGES Private Equity, Mando Corporation, and more.
bitsensing delivers radar solutions for autonomous vehicles, intelligent traffic management and now is expanding into optimizing radars for indoor usage with features for everyday wellness. The newly developed wellness solution not only provides sleep analysis and lifestyle recommendations to improve sleep quality but also delivers early-stage prediction of illness through the accumulated sleep data- the first in the world to achieve this advancement.
"It was a natural progression to begin developing technologies for wellness applications," said Dr. Jae-Eun Lee, CEO of bitsensing. "Our groundbreaking radars for smart cities and now wellness showcase how we are transforming industries for a safer and smarter tomorrow. As part of our new tagline 'Radar Reimagined,' we are showcasing how we are accelerating the complete autonomous automotive environment and bringing smart wellness to individual lifestyles by providing sleep care services and sleep data-based illness predictions."
AF WPartners is a financial investment partner that supports a network of capital management consultants for companies and technologies that are trying to bring innovation to the world and make the future a better place. ARGES Private Equity makes growth focused investments in exceptional companies to maximize investors return. Mando Corporation is the largest global Tier 1 Korean Original Equipment Manufacturer and supplier for global automobile distributors.
bitsensing will use the funds to advance radar solutions and services in each business area and to focus on expanding business by entering the global market. With Mando's strategic investment and partnership, bitsensing will bring the next-generation imaging radar solution optimized for mass production and ultimately achieve the complete autonomous environment.
bitsensing was recognized for its innovative business model and growth potential. The company was selected as a Baby Unicorn last year and awarded the CES 2022 Innovation Awards Honoree this year.