LiDAR solution provider Vueron Technology (Vueron) announced on the 19th its plans to enter the global LiDAR market, targeting the Advanced Driver Assistance System (ADAS) sector by revealing its production roadmap for LiDAR solutions.
To enhance its ADAS technology and accelerate production, Vueron has taken swift action by appointing Hongmo Je, the former CTO of StradVision, as its new Head of Engineering. CEO Jae Kwang Kim, who previously worked at Hyundai Motor Company’s Autonomous Driving Center, leads Vueron, a cutting-edge technology company where 32 out of its 50 employees are engineers.
Founded in 2019, Vueron has secured over 10 billion KRW (approx. $7.5 million) in cumulative investments from leading investors such as Naver, BonAngels, Korea Development Bank, Timefolio, Daesung Startup Investment, and Intervalue Partners. Vueron currently offers the AI-powered autonomous driving LiDAR solution VueOne and the smart infrastructure solution VueTwo.
Jae Kwang Kim, CEO of Vueron, stated, “The LiDAR market is experiencing rapid growth. By 2030, the global automotive LiDAR demand is expected to grow at an average annual rate of 40%, reaching over $8.6 billion. Moreover, from Level 3 autonomous driving onwards, where the system takes responsibility for driving and control, the safety benefits will outweigh the costs of LiDAR solutions.”
He further outlined Vueron’s goals, saying, “We are set to aggressively target the global $8.6 billion automotive LiDAR market. This year marks the beginning of our journey towards mass production, and we aim to generate 6.7 billion KRW (approx. $5 million) in revenue by the end of the year, with the goal of going public by 2026, driven by our upgraded VueOne autonomous driving LiDAR solution.”
Vueron is considered a promising startup that can meet the strict requirements for mass-producing LiDAR ADAS systems. It was the first startup in the world to obtain autonomous driving licenses in both Korea and the U.S. using only one LiDAR sensor.
Additionally, Vueron has demonstrated its performance by ranking first globally in the “3D Semantic Segmentation” category of the Waymo benchmark, which is widely used by both academia and industry to verify object recognition accuracy for LiDAR point clouds.
At CES 2024 in the U.S., Vueron showcased a range of next-generation technologies and products, including ADAS and smart infrastructure solutions based on LiDAR, receiving an enthusiastic response from attendees. The company successfully completed a crowd analysis test in Ikseon-dong, Seoul, in collaboration with the Jongno-gu District Office using its proprietary Smart Crowd Analytics (SCA) technology. Vueron also completed a pilot project for autonomous delivery with the cold chain logistics company Timf (CEO Seongil Lee).
Kim emphasized, “With our proven high-performance capabilities, we offer software that can be applied to all types of LiDAR sensors, regardless of brand, and which can operate on low-power vehicle chips. We are confident that Vueron will be the final piece of the puzzle in achieving mass production of LiDAR ADAS systems. We are also in the process of obtaining certifications for vehicle development processes to meet functional safety and industrial safety standards.”
As LiDAR technology is expected to see increasing demand across industries, it is regarded as an innovative technology with the potential to set new standards. Vueron is poised to introduce a new paradigm in the industry and lead the market forward.
