SOS Lab Achieves Total Investment of 36.2 Billion KRW with Series B Funding

[Asia Economy Reporter Hyungsoo Park] LiDAR specialist SOSLAB announced on the 27th that it has raised 19.3 billion KRW in Series B funding, achieving a cumulative investment amount of 36.2 billion KRW.

SOSLAB is a fixed-type LiDAR developer that created the high-resolution 3D LiDAR ‘ML’. It won the Innovation Award at CES 2021 and was recognized for product excellence by domestic and international institutions, including being selected as a Gartner Cool Vendor in 2021. Recently, it has taken a step closer to commercialization by jointly developing LiDAR for mobile robots with Hyundai Motor Group.

The company is conducting numerous projects with large corporations, startups, and government agencies. In January at CES 2022, it showcased an experiential game utilizing LiDAR, demonstrating not only its LiDAR hardware development and production capabilities but also its solution company competencies.

In the Series B investment round, existing investors Empord Equity Partners and Almus Investment participated. New investors included BNK Investment & Securities, Korea Investment & Securities, Kiwoom Securities, Hanyang Securities, Synergy IB, ST Leaders, NH Hedge Asset Management, and Six Bridge Asset Management. SOSLAB plans to use the investment funds to add facilities for mass production of LiDAR products and to increase personnel. The company is preparing for an initial public offering (IPO) targeted for the second half of next year.

Jiseong Jeong, CEO of SOSLAB, said, "The potential of LiDAR is limitless," adding, "While it is gaining attention in the autonomous driving market, it can be applied to various smart infrastructures such as smart factories, smart cities, and smart mobility."

He continued, "We plan to address the technical challenges of LiDAR and respond to newly emerging markets," adding, "We will establish ourselves as a company that supplies the LiDAR needed in the market by leveraging growth as a stepping stone."

BNK Investment & Securities, the largest investor in Series B, explained that it judged SOSLAB can secure mass production capabilities and grow to the next stage in earnest.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.