South Korea-based radar technology developer Smart Radar System raised KRW11.2bn ($10.2m) yesterday from investors including semiconductor and electronic component producer Nexty Electronics Corporation.
Korea Investment Partners, GU Equity Partners, BSK Investment, Hemi Ventures and Sparx Group also participated in the round.
Smart Radar System is working on 4D image-based radar technology for use in autonomous vehicles, weapon detection systems, smart healthcare products and unmanned aerial vehicles for the defence industry.
Internet group Kakao’s investment arm, Kakao Ventures, had led the company’s $4m series A round in October 2019, participating alongside Hemi Ventures and Hyundai Investment Partners.
Paul YH Kim, Smart Radar System’s CEO, said: “We are committed to developing the most advanced and superior radar image technologies for the industries of security, robots, drones, weapons detection and healthcare in addition to radars for autonomous vehicles.
“A long-term development roadmap and direction has been set for Smart Radar System to invest, develop superior products and grow our business for the worldwide market to achieve our goal to become the global leader in radar image technology.”
