Approximately 1.2 billion KRW in R&D funding over the next three years
Vueron Technology, a startup specializing in LiDAR-based autonomous driving solutions, announced on the 26th that it has been selected for the ‘Scale-up TIPS’ (Tech Investor Program for Scale-up) initiative, led by the Ministry of SMEs and Startups.
The ‘Scale-up TIPS’ program identifies promising small and medium-sized ventures in their expansion phase, accelerating their growth by matching private investments with government funding. If a private management firm invests over 1 billion KRW, the program offers up to 2 billion KRW in equity investment, along with up to 1.2 billion KRW in R&D funding over three years.
With this selection, Vueron will receive approximately 1.2 billion KRW in support over the next three years to accelerate the development of a LiDAR and camera sensor fusion solution aimed at mass production.
Leveraging its strengths in LiDAR-based autonomous driving, Vueron will focus on developing sensor fusion solutions that integrate LiDAR and cameras. This move aims to capitalize on the expected growth of the autonomous driving and ADAS markets. Vueron expects to maintain its technological differentiation in the autonomous driving market through this development.
As the importance of autonomous driving technology increases in the competitive automotive market, Vueron will concentrate on developing a sensor fusion-based ADAS solution for mass production. The company aims to gain a market edge by enhancing safety through dual-sensor fusion in its ADAS solution.
Jae Kwang Kim, CEO of Vueron Technology, said, “We believe that developing mass-production-ready sensor fusion solutions is crucial for maintaining our technical advantage in the long term. The selection for the Scale-up TIPS program will further strengthen our technological capabilities and business execution. We are committed to developing successful mass-production solutions that meet customer demands and lead the global autonomous driving market.”
Founded in 2019, Vueron is a leading startup in autonomous driving and Advanced Driver Assistance Systems (ADAS) technologies. Vueron recently unveiled its upgraded autonomous driving solution, VueOne, and won the CES 2024 Innovation Award for its proprietary Smart Crowd Analytics (SCA) feature integrated into its crowd management solution, VueTwo, earning recognition for its innovation and technical excellence on the global stage.
