Carmaker Kia Motors has led a ₩30bn ($24.9m) pre-series A round for South Korea-based autonomous transport technology developer Code42, Korea Herald has reported.
Kia put up half the cash for the round, which also featured diversified conglomerates SK Group, LG and CJ Group. The company had previously raised approximately $1.8m in seed capital from Kia owner Hyundai Motors in March this year, according to the Herald.
Code42 is developing a mobility operating system called Umos, for use in urban environments. It will combine logistics and passenger-based services spanning autonomous vehicles and drones as well as ride hailing services, smart logistics and e-commerce resources.
The funding will support the completion of the core Code42 product in addition to initial work on an international ecosystem designed to work in conjunction with the platform.
Chang-hyeon, Code42’s CEO, said: “The latest investments demonstrate the trust of investors in our industry-best technology, and equally, enables us to leverage the strength of our partners’ infrastructure and service capabilities to establish a next-generation mobility and logistics service platform.”
