An autonomous driving and mobility technology startup, 42dot announced on November 2nd that it ended its fund-raising program with 104 billion Korean won for its Series A investment round (the first round for institutional investors). It is one of the biggest for a Series A round at home or abroad. The startup has attracted the total of KRW 153 billion so far.
42dot is an aTaaS (or autonomous Transportation-as-a-Service) startup which was established on March 2019 by the former CEO of NAVER LABS and CTO of NAVER, Song Chang-hyun. The aTaaS means adopting self-driving technology to all forms of mobility.
The raised funds are to be used for technology development, expansion of technology investment through M&As or equity investments, the acceleration of business through investments or joint ventures and securing of top human capital.
The startup is planning to advance TAP!, a mobility platform for optimized mobility and AKit, a full-stack self-driving technology that ranges from autonomous-driving AI to an AI acceleration system based on UMOS, or Urban Mobility Operating System.
42dot aims to integrate its self-driving solution AKit to cars of vehicle OEM companies by the fourth quarter of 2023.
Pangyo Technovalley is an innovation hub for global companies comparable to the Silicon Valley in the US, Zhongguancun in China, and STATION F in France. It is an Asia tech hub with 1,259 IT, BT, CT, and NT companies that possess innovative products and technologies. Located just south of the metropolitan area, it provides the best environment for Korean companies to do business with great transportation access and infrastructure.
Various high-tech companies are located in Pangyo Technovalley, and it is occupied by 64,000 full-time employees, many in their 20-30s. In terms of industry, the companies are engaged in information technology, contents technology, biotechnology, and nanotechnology.
With the support of innovative companies with global capabilities such as Kakao, Naver, AhnLab, Krafton, NCSoft, Nexon, and Hancom, companies in Pangyo Technovalley recorded 107 trillion won in sales last year. Investment and infrastructure growth in Pangyo is expected to continue, with the Metaverse hub entering Pangyo this year.