[Asia Economy Reporter Buaeri] Autonomous driving startup FortyTwoDot announced on the 2nd that it has completed an investment round worth 104 billion KRW.
This investment included new participants such as Shinhan Financial Group, Lotte Rental·Lotte Ventures, Stick Ventures, We Ventures·DA Value Investment, and Winvest Venture Capital, in addition to existing investors.
According to the company, the 104 billion KRW is the largest amount for a Series A round among domestic startups. FortyTwoDot's cumulative investment raised amounts to 153 billion KRW. It is reported that FortyTwoDot was valued at 500 billion KRW during this investment round.
FortyTwoDot is led by CEO Song Changhyun, who was formerly the Chief Technology Officer (CTO) at Naver. Based on this investment, the company plans to accelerate its business by advancing technology, expanding technology investments, and establishing joint ventures.
FortyTwoDot will expand pilot operations to test various autonomous driving technologies and mobility platforms on actual roads.
The autonomous vehicle developed by FortyTwoDot is expected to be unveiled to the public as early as the second half of this year. The company has completed the application for autonomous driving service provider in the Sangam area. In 2024, it plans to provide mobility solutions in Sejong City.
CEO Song said, "With this investment, we have laid the foundation to accelerate the advancement of autonomous driving technology and business expansion, enabling us to realize future mobility platforms faster. We will connect autonomous driving technology and services to present new solutions for mobility and drive innovation in the future mobility industry."
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