Autonomous driving and mobility technology startup 42dot has raised 104 billion won, or US$88.5 million, in a Series A round.
In addition to existing investors, which include Hyundai Motors, Kia Motors and LG Electronics, Shinhan Financial Group, Lotte Rental/Lotte Ventures, We Ventures/DA Value Investment and Winvest Venture Investment participated in the round.
The round brings South Korea-based 42dot’s total funding to 153 billion won, or US$130 million.
With the funding, 42dot will invest in technology advancement and expansion, as well as accelerate its business and acquire key talent.
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The company also has the goal of integrating its autonomous driving technology, called AKit, into vehicles of automakers by the fourth quarter of 2023.
42dot also plans to expand the pilot operation to test autonomous driving technologies and mobility platforms on real roads.
Says 42dot CEO Chang-hyeon Song: “With this investment, we have accelerated the advancement of autonomous driving technology and business expansion, and laid the foundation for realizing a future mobility platform faster. We will achieve innovation in the future mobility industry.”