China-based driving safety technology developer Soterea has secured an eight-figure dollar amount from SK China, a local subsidiary of South Korea-headquartered conglomerate SK Group, in a series A round.
Founded in 2014, Soterea is working on smart driving software that predicts driving risks for commercial vehicles.
The technology uses big data, artificial intelligence (AI) and machine learning algorithms to trigger the automatic emergency braking system in a vehicle in a bid to help reduce accidents.
The funding will go toward improving the technology and commercialising the company’s internet-of-things products according to China Money Network, which reported that the deal took place in April this year.
SK China has been investing in China-based startups since 2017, leveraging its parent’s industrial background and financial assets. It targets disruptive areas including AI, semiconductors, new materials, supply chain, information and communications technology, and its portfolio companies include BYD Semiconductor, Black Sesame Intelligent Technology and Horizon Robotics.
