Engis Technology Forms Exclusive Partnership with High-Precision Map Building Company... Targeting ADAS Market

[Asia Economy Reporter Jang Hyowon] Ngis Technology (CEO Park Yongseon), a company specializing in autonomous driving and connected car solutions, announced on the 9th that it has formed an exclusive partnership with Geostory, a company specializing in high-definition map (HD Map) construction, to secure core competitiveness for autonomous driving.

Ngis Technology plans to supply electronic components to domestic and international original equipment manufacturers (OEM) and major partners through the development of its own solutions utilizing HD Maps, while Geostory will be responsible for the construction and maintenance of the HD Maps.

HD Maps require the development of various application solutions and services using proprietary data to be applicable in the market. The company stated that by securing domestic HD Map competitiveness, it will commercialize its connected advanced driver assistance system (ADAS) solutions starting with nationwide highway services within the year.

According to industry insiders, Ngis Technology’s connected ADAS utilizing HD Maps through this partnership is expected to gain a competitive edge in the autonomous vehicle market.

The global autonomous vehicle market size is projected to reach approximately $154.9 billion by 2025, with the domestic market expected to grow to about KRW 3.6193 trillion. Autonomous vehicles are anticipated to enter a phase of structural growth as essential safety operation systems such as ADAS performance (road and object recognition, control) and other individual technologies further develop.

The European Union (EU) has already legislated the ISA (Intelligent Speed Assistance) service, mandating that all autonomous vehicles released in Europe from 2022 must be equipped with ADAS.

ISA is the most representative connected ADAS service implemented through the E-Horizon engine and cloud-based HD Maps, and Ngis Technology is expected to take an early lead in capturing the European market by securing competitiveness in HD Maps.

Ngis Technology is strengthening its sales capabilities targeting global OEM companies that want domestic services based on its independently developed connected ADAS, which integrates the E-Horizon engine and HD Maps. In particular, it is known to be developing various autonomous driving services through close collaboration with its strategic partner LG Electronics, which spun off its electric vehicle parts business last October.

A company official stated, “Through the HD Map cloud service platform, we plan to develop and supply various value-added services to the mobility and logistics markets, which have high demand for HD Maps,” adding, “Based on our proprietary technologies (Connected Navigation, OTA), we will develop a high-precision map update system and connected ADAS applications to secure new growth engines in the autonomous vehicle market.”