SEOUL, South Korea, Feb. 15, 2024 (GLOBE NEWSWIRE) -- bitsensing, a leading imaging radar solutions company, today announced that it has appointed NH Investment & Securities, one of the largest securities firms in Korea, as the lead underwriter for its upcoming Initial Public Offering (IPO) on the KOSDAQ market slated for 2025.
bitsensing develops a variety of radar solutions such as its flagship 4D imaging radar solution for autonomous driving, next-generation traffic radar TIMOS, and AI wellness radar for sleep care. The company generated KRW12 billion (approximately USD10 million) in revenue in 2023 and its autonomous driving solution is currently undergoing further development for mass production in collaboration with a global automotive Tier 1 supplier.
bitsensing plans to use the proceeds from its IPO to strengthen its R&D capabilities and hire top talent to drive future growth. The company will also focus on developing its next-gen radar platform, RPaaS (Radar-Platform-as-a-Service), which provides a total radar solution in a platform format.
RPaaS offers a significant advantage over traditional radar development methods. By providing a system-on-chip (SoC) solution that includes the core software required for radar development, RPaaS enables customers to quickly and easily deploy high-performance radar systems without the need to build their own processes. This significantly reduces development time and costs.
In addition to the automotive industry, bitsensing is leveraging the versatility of its RPaaS technology in other fields, including healthcare and intelligent transportation systems (ITS). The company is currently collaborating with partners to optimize the quality of sleep, improve traffic management and establish new traffic policies that improve traffic flow.
“We selected NH Investment & Securities as our lead underwriter based on their extensive experience in managing IPOs in the automotive sector, including for companies such as Mando and Hyundai AutoEver,” said Jae-Eun Lee, CEO of bitsensing.
“We are confident that NH Investment & Securities’ strong underwriting capabilities and deep understanding of bitsensing will be vital to our successful IPO. With our novel RPaaS solution, we are poised to set a new paradigm in the automotive industry for imaging radar performance and ease of use, and also capture a significant share of the radar market.”
