StradVision Inc., a South Korean startup that drew investment from Hyundai Motor Group and LG Electronics for its pioneering vision processing technology for autonomous vehicles, is readying to become the first self-driving solution-devoted company to go public in Korea.
According to investment banking sources on Tuesday, StradVision has been recruiting underwriters for its initial public offering (IPO). It is planning to form a syndicate by mid-September with an aim to list in 2022.
StradVision is a Korean AI-based camera perception technology startup founded in 2014. Its software tool SVNet saves power and is compatible with target hardware systems, allowing vehicles to detect and recognize objects like cars on roads, lanes, pedestrians, animals, signs and traffic lights.
With more than 120 employees, StradVision now is expanding its global reach by opening offices in San Jose, the U.S. last year and Munich, Germany in February. Its SVNet has been applied to a new SUV model of China’s state-owned automaker Changan Automobile and is in collaboration with Japan’s Aisin Group. In the U.S., the company owns about 110 patents as a leader in the vision processing technology.
StradVision raised 16.5 billion won ($14 million) in Series A funding in 2018 from investors including big corporate names including Hyundai Motor, Hyundai Mobis and LG Electronics. Following the fundraising, it now is valued at 170 billion won, drawing total 48.1 billion won worth investments so far.
By Kang Woo-seok and Lee Ha-yeon
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