Irvine, California and Seoul, Republic of Korea, September 22, 2022 (GLOBE NEWSWIRE) – bots SeoulToday, the company working on the future of autonomy through smart infrastructure, announced nearly $25 million in Series B funding, led by KB Investment.
Seoul Robotics was founded in 2017 to provide the mobility industry with the most advanced computer vision for 3D sensors and pioneer a new approach to vehicle automation called ‘Autonomy through Infrastructure’ (ATI). ATI involves placing autonomous driving systems on the infrastructure, rather than on each vehicle, to capture the overall view required to achieve vehicle autonomy.
This new approach enhances the scalability and financial viability of ITS by removing the prohibitive costs of equipping individual vehicles with cameras and sensors, while also overcoming safety barriers by creating a common view without blind spots. Seoul Robotics will use Series B funding to deliver industry-leading, infrastructure-based autonomous driving solutions to the global logistics industry.
“Infrastructure has been helping drivers since the first traffic lights appeared over a hundred years ago, but unlike the current system designed to help humans, Seoul Robotics offers a new way to take advantage of infrastructure that enables robots and autonomous cars to access,” said HanBin Lee, CEO and founder. Associate of Seoul Robotics, “This groundbreaking approach is made possible by groundbreaking 3D computer vision technology that has been recognized as the most advanced solution in the industry. With this funding, you will continue to develop industry-transforming solutions that will drive the future of mobility and advance beyond what we can even imagine today. “
Seoul Robotics’ ATI solution, Level 5 control tower (LV5 CTRL TWR), consists of an interlocking network of sensors and computers installed on the infrastructure and uses V2X communications to turn non-autonomous cars into autonomous vehicles. The LV5 CTRL TWR uses the connectivity already built into today’s modern vehicles to maneuver them independently without the need for any hardware modifications. The LV5 CTRL TWR is powered by Seoul Robotics’ core technology, SENSR™, an industry-leading, patented 3D visualization software that uses deep learning and weather filtering capabilities to provide high-resolution environmental insights. The first-of-its-kind scalable solution achieves full Level 5 autonomy and can drive hundreds of vehicles simultaneously.
The LV5 CTRL TWR is currently being used to automate the logistics of finished vehicles at BMW’s facility in Germany. Automating this historic manual process makes it safer and more efficient, while also enabling companies to overcome industry-wide driver shortages. The new funding will advance the development of this automotive logistics solution, international expansion and new industrial partnerships. Looking to the future, Seoul Robotics will also leverage the capital to expand its technology to additional logistics applications such as rental car fleets and trucking yards.
“Every organization is looking for ways to bring value and efficiency to their operations, and the need for stand-alone solutions is particularly urgent given the labor shortage in the logistics industry recently,” said JunSeok Lee, Director of KB Investment. “Seoul Robotics is decisively implementing its vision of independence through infrastructure using the LV5 CTRL TWR, delivering massive cost savings through an entirely new approach. Their success to date gives us complete confidence that they will continue to transform the logistics industry, as well as great pride in the spirit innovation in the Korean technology sector.
In addition to KB Investment, Noh and Partners, Future Play, Korea Development Bank, Artesian and Access Ventures contributed to Seoul Robotics’ Series B funding round.
To learn more about Seoul Robotics’ robust product offering, or if you are interested in joining the company’s growing team, please visit www.seoulrobotics.org.
About bots Seoul
Seoul Robotics is working to advance the future of autonomy through smart infrastructure. The company was founded in 2017 to provide the mobility industry with the most advanced computer vision for 3D sensors and pioneer a new approach to vehicle automation called Autonomy through Infrastructure. Seoul Robotics provides autonomous driving systems for a multitude of applications in the logistics industry, leveraging its proprietary 3D perception technology, SENSR™, which delivers unparalleled accuracy, efficiency, and security. Seoul Robotics has offices in Seoul, Munich, California and Raleigh and is backed by leading global financial institutions. For more information visit www.seoulrobotics.org.
LaunchSquad for Seoul Robotics
#Seoul #Robotics #secures #million #Series #funding