Self-driving startup 42dot launches new funding round Korean TaaS startup backed by Hyundai Motor Group aims to raise $87 million
Translated by Ryu Ho-joung 공개 2021-07-23 07:27:45
이 기사는 2021년 07월 23일 07:22 thebell 에 표출된 기사입니다.
South Korean autonomous driving technology startup 42dot Inc, backed by Hyundai Motor Group, has launched a new funding round with a target of raising 100 billion won ($86.8 million).Existing backers and new investors are set to participate in the round, with some of them already entering into investment agreements with the company last week, industry sources said on Wednesday.
The company, originally named CODE42.ai, was founded in 2019 by chief executive Song Chang-hyeon, an entrepreneur and software expert who previously worked at Apple, Microsoft and Naver.
42dot’s key business is autonomous driving solutions, with integrated mobility and logistics platform UMOS at the center of its transportation-as-a-service (TaaS) technology. TaaS, which refers to a shift from car ownership to service-based transportation, is considered the next stage of the evolution of mobility. 42dot develops technology that integrates a range of mobility services such as self-driving vehicles, drones and delivery robots.
The company counts Hyundai Motor and Kia, part of Hyundai Motor Group, as its main investors. In April 2019, Hyundai Motor invested 2 billion won to secure an 11.45% stake in 42dot. Kia invested 15 billion won, or a 14.32% stake, in the company in September the same year.
Other existing investors include SK Telecom, LG Uplus, CJ, LIG Nex1, KTB Network, Shinhan Bank and IMM Investment. Among those to have decided to participate in the new funding are CJ, LIG Nex1, KTB Network and IMM Investment. Shinhan Financial Group will also put additional funds into the company through Shinhan Capital.
New investors include car rental company Lotte Rental, which will invest about 25 billion won, and several other financial investors. Existing shareholders who have yet to decide on whether to invest additionally in the company are expected to finalize their decisions before the end of this month.
42dot’s innovative technology is the most important factor that attracts investors. The company first publicly unveiled its autonomous driving technology in an event called UMOS Day on Tuesday.
The fact that Hyundai Motor and Kia are 42dot’s key investors is another reason for strong funding interest. Hyundai Motor Group in April announced that it had formed a TaaS division to oversee its mobility businesses and appointed Song to lead the division, a move that signifies the conglomerate’s belief in 42dot’s technology.
The strategic partnership with Hyundai Motor Group is also crucial to 42dot’s growth story. The conglomerate is one of the top five automakers in the world and also invested in many mobility companies at home and abroad, including US ride-hailing giant Uber and Southeast Asian ride-hailing service Grab, with which 42dot can create synergy. (Reporting by Gyoung-tae Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- [태영건설 워크아웃]계속기업가치 1.1조 vs 청산가치 1조
- '업스테이지 투자' 미래에셋벤처, AI포트만 2000억 '베팅'
- 주관사단 '몸집 줄인' 롯데, 미매각 부담 덜어냈나
- [Korean Paper]외평채 벤치마크 '물음표'…통화 다각화로 돌파할까
- [Korean Paper]'중동+고금리' 리스크에 하나은행 선방했다
- [HD현대마린솔루션 IPO]HD현대중공업 데자뷔, '삼성·대신증권' 인수단 포함
- 하이스틸, 미국발 훈풍 타고 성장 기대감
- 셀론텍, 중국에 테라필 의료기기 등록 신청
- 제이스코홀딩스 "필리핀 다나가트 광산 니켈 채굴 임박"
- 폴라리스오피스, 위레이저와 '해운물류 문서 AI 혁신' 맞손