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bitsensing raises $10 Million in Series A Funding

bitsensing raises $10 Million in Series A Funding

The Imaging Radar Company is Designing and Building Cutting Edge Radar Technology for Smart Cities, Wellness, and Beyond

SEOUL, South Korea, Sept. 22, 2022 /PRNewswire/ -- South Korean 4D imaging radar solution company bitsensing raised $10 million in Series A Funding for a total of $21 million in funding since its inception. Among the investors are 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.

About bitsensing

bitsensing is an imaging radar technology company committed to building reliable smart cities and elevating connected living by designing cutting-edge sensor fusions and AI solutions that bring unprecedented intelligence to smart living. Founded in 2018 by seasoned automotive radar experts, bitsensing is one of the only startups delivering optimal technologies that meet and exceed the high level of reliability and convenience that the industry demands with automotive grade radar technology. bitsensing is transforming possibilities to bring democratization of smart life in mobility, smart home and building, robotics, security, wellness, and beyond.

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