이 기사는 2021년 11월 02일 08시05분 thebell에 표출된 기사입니다

Self-driving startup 42dot, known for being backed by Hyundai Motor, has raised 104 billion won ($88.3 million) in a Series A funding round, expanding its investor base beyond strategic investors.

The South Korea-based startup on Friday completed the funding round of 104 billion won from high-profile investors and venture capital firms in the largest ever Series A round of announced funding deals in the country, according to industry sources.

The round valued 42dot at 500 billion won, raising a possibility that the startup could soon reach unicorn status in future rounds of funding.

The recent round brought the total amount raised by the startup to 153 billion won. 42dot was founded in 2019 and received a seed investment of 2 billion won from Hyundai Motor in March of that year. Six months later, it raised 30 billion won in a pre-Series A round from Kia Corp, SK Telecom, CJ and LG Electronics. In July 2020, it received a bridge investment of 17 billion won from investors including LIG Nex1 and Shinhan Bank.

Several venture capital firms participated in the latest funding round, enabling the startup to expand its investor base beyond strategic investors. Three financial investors including We Ventures invested about 23 billion won in the round.

42dot’s highly competitive technology in autonomous driving and mobility software attracts investors, industry watchers said. Central to its technology is UMOS, a comprehensive mobility and logistics platform.

42dot does not use the LiDAR system but use RADAR sensors to spot objects in the road. This could enhance efficiency in mass production and the price competitiveness.

Its technology is nearing commercialization, with the startup planning to test its mobility solutions in Sangam-dong, Seoul, and Sejong City. The firm is also expected to speed up collaborations with its strategic backers.

Song Chang-hyeon, 42dot’s founder and chief executive officer, worked at Apple and Microsoft. He also served as chief technology officer at Naver. In April this year, Hyundai Motor Group created a Transportation-as-a-Service division, which oversees mobility business for Hyundai and Kia, and named Song as its chief.

42dot will use the proceeds from the funding round to further invest in its technology and hire more talent. (Reporting by Gyoung-tae Kim)