- Accelerating global expansion with LiDAR Autonomous Driving Solutions
- Focusing on expanding workforce and advance its technology for mass production
A 3D picture of the Vueron Technology booth on the show floor
at CES 2024 in Las Vegas / Courtesy of Vueron Technology
Vueron Technology, a leader in LiDAR-based autonomous driving and advanced driver assistance systems (ADAS), announced on September 10 that it successfully raised US$17million in Series-A funding, bringing its total accumulated investment to US$25 million.
New investors in this round include Shinhan Venture Investment, T.S. Investment, Industrial Bank of Korea, E&Venture Partners, Quantum Ventures Korea, Woori Financial Capital, JB Investment, and Samho Green Investment. Existing investors, Timefolio Asset Management, Korea Development Bank, and Daesung Private Equity also participated in follow-up investments.
Despite the challenging investment climate, Vueron has successfully secured funding, highlighting its recognition for exceptional LiDAR perception technology and its excellence in autonomous driving and Advanced Driver Assistance Systems (ADAS) solutions. Vueron is actively collaborating with major global automakers (OEMs) and Tier 1 suppliers across markets, including South Korea, the United States, Japan, and Europe. The company is considered one of the few capable of applying LiDAR-based ADAS technology for mass production.
In addition to its accomplishments in automotive field, Vueron has made significant strides in the smart infrastructure sector. The company has completed various projects, including crowd management systems, smart poles, and intelligent transportation systems (ITS). With mass production planned in both the Korean and Japanese markets, Vueron expects strong revenue growth in the near future.
With the new funding, Vueron will expand its workforce and advance its technology for mass production. The company will also focus on vehicle software verification and validation to ensure the reliable production of LiDAR-based ADAS software.
Founded in 2019, Vueron has become a leader in LiDAR-based autonomous driving and ADAS technologies. Its autonomous driving solution, ‘VueOne,’ is being applied not only to cars and trucks but also to various unmanned vehicles such as robots and Urban Air Mobility (UAM). Additionally, Vueron’s crowd management solution, ‘VueTwo,’ powered by Smart Cloud Analytics (SCA), earned the company the CES 2024 Innovation Award, further cementing its global reputation.
Vueron recently achieved a ‘TI-2 (Excellent)’ rating in a technology credit evaluation, reflecting its strong technological capabilities. The company has also been selected for the Ministry of SMEs and Startups’ ‘DIPS 1000+ Project’ and ‘Scale-up TIPS’ programs.
Joseph Kim, CEO of Vueron, commented, “This Series-A funding confirms our technical expertise and the confidence in our future potential. We are seeing significant progress in the U.S. and Japan, and we anticipate similar success in Europe. Building on this momentum, we plan to establish Vueron as a global leader in LiDAR solutions, with a target for an IPO by 2026.”
Gun-ho Park, Director at the lead investor, Shinhan Venture Investment, added, “Vueron’s strength lies in its ability to efficiently process LiDAR data for perception solutions. As LiDAR technology advances—becoming more affordable and compact—its applications are expanding in areas such as vehicles, robots, unmanned aerial systems, and construction equipment. Vueron is already supporting multiple global companies, and with each new partnership, it strengthens its competitive edge. We believe Vueron will play a key role in advancing the autonomous driving and ADAS ecosystem.”
Source : Korea IT Times (https://www.koreaittimes.com/news/articleView.html?idxno=134481 )
