SEONGNAM, Korea, Oct. 28, 2019 /PRNewswire/ -- Smart Radar System (SRS), a startup developing radar solutions for autonomous cars and industrial applications, closed a $4 million Series A funding round. The round was led by Kakao Ventures, with participation from Hemi Ventures, Hyundai Investment Partners and other investors.
The company, headquartered in Seongnam, Korea, has been specializing in radar technology for more than three years and is a pioneer in the field of 4D image radar. Smart Radar System is currently developing the world's first 4D image radar, RETINA, with sub-1 degree angular resolution and 360 degree surround view. While traditional radar has been limited by low resolution, RETINA can achieve near lidar level angular resolution through the use of the company's patented non-uniform linear antenna array design. RETINA is expected to transform autonomous driving, as well as revolutionize other industries, such as robotics, securities, drones, and the Internet of Things.
Smart Radar System recently received the Korean Prime Minister's prize in the "2019 Radio Wave & Broadcasting Technology Awards." SRS, as a startup, ranked second to the Korean conglomerate Samsung Electronics, and ahead of others like LGU+, and SK Telecom.
Paul Y. Kim, CEO of Smart Radar System, explained, "Radar technology is becoming a part of our daily life and is poised to dramatically change autonomous driving. We want to transform the analog radar world into the digital revolution so that anybody can apply digital image processing techniques to radar images."
Kakao Ventures' Vice President, Jun Kim, said "Autonomous driving technology is changing the paradigm of the automotive industry. SRS' sensor technology is indispensable to the growing autonomous vehicle market and other smart products."
Amy Gu, managing partner at Hemi Ventures, stated, "We invested in SRS because we believe in the team's vision and unparalleled expertise in radar technology. Their fast execution is a testament to their potential to become the market leader."
The series A funding will further the development and commercialization of the image radar technology as the company transitions to high-volume manufacturing. SRS has begun collaborations with early-adopters in the automotive and other industries.
SRS will be presenting the world's first sub-1 degree image radar –– RETINA's latest version prototype –– at CES 2020 in Las Vegas. The exhibition is being held at the Sands Expo at booth number 40467, located at wireless section on Level 2. Interested partners are welcome to stop by the booth to learn more about this transformative technology.
About Smart Radar System
Smart Radar System (SRS) is a pioneer in the field of 4D image radar. Having specialized in radar technology for more than three years, SRS is developing the world's first 4D image radar, RETINA, with sub 1 degree angular resolution and 360 degree surround view. For more information, visit www.smartradarsystem.com/.
SOURCE Smart Radar System