Seoul Robotics Wins Minister of Trade, Industry, and Energy Award
Seoul Robotics, a developer of infrastructure-based autonomous driving technology, announced on November 28th that it received the Minister of Trade, Industry, and Energy Award at the "2024 Korea Technology Awards."
Hosted by the Ministry of Trade, Industry, and Energy, the Korea Technology Awards honor companies, research institutes, and universities that have developed new technologies and products with outstanding technical achievements and significant ripple effects on domestic industries.
Founded in 2017, Seoul Robotics is a software (SW) company specializing in industrial autonomous driving and counts major global brands like BMW among its clients. The company received the award for its "LV4+ Autonomous Driving Technology Utilizing Infrastructure Sensing, Computing, and Communication Devices."
Infrastructure-based autonomous driving involves installing sensors such as LiDAR or cameras not on vehicles but on infrastructure like poles or ceilings, enabling non-autonomous vehicles to function as autonomous vehicles.
Typically, vehicles go through a "delivery" process immediately after production at the factory. Once assembled, cars are gathered in a parking lot within the factory. Export vehicles are transported to ports and loaded onto ships, while domestic vehicles are loaded onto transport trucks for delivery to consumers.
Seoul Robotics' technology is used in this process, moving cars from the production line to parking lots and from parking lots to ships or transport trucks. Traditionally, this process required drivers to manually operate each car, but with this technology, new vehicles can be transported to ports unmanned, eliminating the need for drivers.
Seoul Robotics operates under a contract model where revenue is generated from automakers each time a delivery occurs. The company has also selected Samsung Securities as the lead underwriter for its initial public offering (IPO) planned for next year.
Hanbin Lee, CEO of Seoul Robotics, stated, "This award acknowledges both our technological innovation and commercial viability. We plan to use the IPO proceeds to enter the U.S. and Chinese markets and expand into the global automotive logistics business sector."
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