[Click eStock] “Edge Foundry, Full-Scale Entry into Global Infrared Camera Market”

Independent research firm ValueFinder analyzed on the 12th that Hanwha Systems became the second-largest shareholder by absorbing and merging Hanwha Intelligence into EdgeFoundry, and is expected to make a full-scale entry into the global infrared camera market in the future.

EdgeFoundry, established in 2006 and listed on the KOSDAQ market in 2014, is a manufacturer of automotive sensors possessing technologies such as printed electronics/electromagnetic applications/thermal imaging infrared technology. It develops and manufactures automotive accelerator and brake pedal sensors, infrared thermal imaging sensors, and modules, supplying them to automotive parts companies and car manufacturers. Its products have mainly been supplied to Hyundai-Kia models such as the Genesis GV80, Ioniq 5, and Kia EV6.

Researcher Lee Choong-heon of ValueFinder explained, “South Korea is the global number one country in CMOS (Complementary Metal-Oxide-Semiconductor) process technology, and the company has adopted a post-process compatible with the CMOS process to develop thermal imaging sensors,” adding, “Hanwha Systems highly valued this technology and established a joint venture together.”

According to Fortune Business Insights, the global thermal imaging camera market is expected to grow annually by 8.4% from 2019 to 2032, with the market size projected to reach approximately $5.8 billion. It is also analyzed that sensors and modules for thermal imaging cameras will gain prominence in the upcoming autonomous vehicle era.

The researcher stated, “EdgeFoundry began developing infrared thermal imaging sensors through the establishment of the joint venture Hanwha Intelligence (Hanwha Systems holding 51%, the company 49%) with Hanwha Systems in November 2021,” and explained, “So far, Hanwha Intelligence has been developing infrared thermal imaging sensors, while EdgeFoundry has focused on producing thermal imaging camera modules.”

This absorption merger between the two companies is interpreted as a strategic move to establish a unified system. The merger was approved at the shareholders' meeting held on the 6th of last month, with the merger date on the 10th, and the listing date of the merger new shares set for the 29th. After the merger, the shareholding ratio will be 18% by AI Core Biz, the largest shareholder of the company, 10% by Hanwha Systems, and 8% by CEO Nam Yong-hyun, with the management holding more than about 35% of the circulating shares.

He analyzed, “The U.S. digital imaging sensor company Teledyne (ticker TDY, listed on the New York Stock Exchange) saw its stock price surge about fivefold (market capitalization of approximately 32.5 trillion KRW as of the closing price on March 11, 2025) after acquiring FLIR, a thermal imaging sensor manufacturer,” adding, “The reason is that Teledyne was originally a manufacturer of industrial measuring instruments, but thanks to the synergy from acquiring FLIR, that is, the expansion of the downstream market, sales in the digital imaging segment surged.”

He continued, “EdgeFoundry is interpreted as following Teledyne’s footsteps, which expanded its downstream market through the acquisition of FLIR, by moving from the existing automotive sensor market to the defense sector through the absorption merger with Hanwha Intelligence and aiming to enter the robotics sector by acquiring a 5% stake in Hurim Robot.”