© SOS LAB General | May 21, 2020
SOS LAB completes series A+, inks MOU with ON Semi
LiDAR sensor maker SOS LAB has secured series A+ investment funding of USD 8 million as of April.
The Korea-based company started from a lead investment from Korea Development Bank (KDB), bringing the company’s total capital raised so far to USD 14 million. The company then secured seed funding from Future Play, an accelerator for tech startups and added Yuanta Securities to the IPO team, confirming the value of the existence of SOS LAB as an emerging tech startup, a company press release read. Other investment companies participating in the A+ round include A ventures, Emford Equity Partners, Ulmus Investment, KDB Capital, Shinhan Capital and Shinhan Financial Group. The company has recently unveiled its plans for the commercialization of LiDAR and has entered into an MOU with ON Semiconductor in January. In the statement, the company stated its intent to establish partnerships with OEMs and electronic component manufacturers at home and abroad for the development of LiDAR. In a statement, SOS LAB CEO Jiseong Jeong said, “In order to commercialize autonomous driving technology that is above level 3, the technology readiness level must be elevated so that the technology is safe enough for customers to use. One single error in judgement can lead to huge trouble and thus, safety is not a value that can be compromised in autonomous driving. Therefore, LiDAR sensors are absolutely necessary for advanced autonomous driving.” Jeong continued, “The implementation of solid-state LiDAR is a must for car LiDAR commercialization. This is because there are advantages in terms of price and durability as it can be mass produced in small sizes and components. However, satisfying the fixed standard (size, amount of power, distance, etc.) is the challenge solid-state LiDAR must overcome. SOS LAB finds the solution to the challenge through the core technology. Our new product can detect distant objects by delivering high power despite its small size, which is a beam-steering technology that does not have any moving parts.” SOS LAB disclosed its product, ML-1, at CES 2020, which the company touted for its ability to detect objects over long distances, high durability, low cost, and mass production potential of the chip-shaped LiDAR.