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bitsensing Secures $25 Million in Series B Funding to Accelerate Growth and Innovation

By Eric Van Rees - 1st July 2024 - 04:54

bitsensing will use the funding to propel its mission forward to bring ‘radar everywhere’, across automotive, smart cities, health tech, and beyond

bitsensing, a provider of advanced radar solutions, announced the successful closure of its Series B funding round, raising $25 million. This significant investment, led by prominent venture capital firms and strategic investors, underscores bitsensing’s pioneering role in the radar technology industry and will propel the company toward its ambitious global growth and innovation goals to bring ‘radar everywhere’.

The Series B funding will be utilized to scale bitsensing’s operations, invest in research and development, and explore new market opportunities. The company plans to expand its team, enhance its product portfolio, and establish strategic partnerships to drive growth and deliver value to its customers worldwide.

bitsensing’s latest funding round is backed by top-tier investors including the Korea Development Bank, HL Mando Corporation, Industrial Bank of Korea, Aju Capital, Life Asset Management, and SCL Investment who recognize bitsensing’s potential to revolutionize various sectors such as automotive, smart cities, and health tech with its state-of-the-art radar technology. Notably, this marks the fourth consecutive time that HL Mando Corporation has participated in funding bitsensing, reaffirming its strong belief in the company's vision and capabilities.

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