South Korea-based automotive component manufacturer Sungwoo Hitech has invested $20m in Israel-based autonomous vehicle technology developer AdaSky.
The capital was provided as part of a larger funding round, though AdaSky is yet to reveal a target size for the round or the identity of any other participants.
AdaSky’s Viper system combines an infrared thermal camera with machine learning technology intended to allow self-driving vehicles to see and understand the road in any light or weather conditions. The capital will fuel the company’s global expansion and support research and development projects.
Myung-Keun Lee, chairman and Co-CEO of Sungwoo Hitech, said: “Viper is the smallest, highest-resolution thermal camera for autonomous vehicles on the market. We strongly believe that AdaSky’s technology will enable 24/7 sight and perception for vehicles and put us all on the path to fully autonomous driving.
“Our investment in AdaSky strengthens our capabilities in supplying key technology for [original equipment manufacturers] of autonomous vehicles, which is vital for our long-term growth in the automotive market.”
Sungwoo Hitech develops, manufactures and supplies car components for carmakers such as Hyundai, Kia Motors, General Motors, BMW, Volkswagen, Daimler and Nissan.