42dot raises W104b in series A funding

South Korea’s autonomous driving startup 42dot said Tuesday that it has raised 104 billion won ($88.5 million) in a series A funding.

That raised the total investment the firm has secured to date to 153 billion won, the company added.

The investors include Hyundai Motor, Shinhan Financial Group, Lotte Rental, Lotte Ventures and several local venture capital firms.

42dot plans to use the funding to accelerate its autonomous driving technologies and beef up human resources.

The startup is also developing a self-driving solution, dubbed Akit, and an autonomous ride-hailing platform, TAP!. It aims to deploy Akit with local carmakers in the fourth quarter of 2023.

The firm also aims to unveil its own self-driving vehicle to the public within this year.

42dot is one of the registered companies allowed to operate self-driving vehicles around Sangam-dong in Mapo district, western Seoul. In 2024, the startup will also operate its own mobility solutions in Sejong, a local test bed for autonomous vehicles.

By Shim Woo-hyun (ws@heraldcorp.com)