Code42, a South Korean mobility company, will be fund raising around $25 million from Kia Motors.
The company will also fund raise from big conglomerates SK, LG and CJ in its Pre-A round to draw the largest amount in the first round of financing for venture enterprises in Korea.
Code42 announced recently that it successfully bagged $250,000 for its Pre-A funding round, of which $100,000 was made by its lead investor Kia Motors, on top of the 2 billion won investment in the seed stage from Hyundai Motor in April. The investors, which also include SK, LG and CJ, will extend their cooperation with Code42 in a variety of business sectors including autonomous driving, automotive electronics, telecommunications, logistics and content to establish a future mobility service network.
Code42 is an autonomous transportation as a service (TaaS) company founded in March this year by Song Chang-hyun, former Chief Technology Officer at the country’s top search engine Naver. Song worked at global tech giants such as HP, Microsoft and Apple, and had led numerous projects at Naver including artificial intelligent speaker Clova, translation service Papago, in-vehicle infotainment service Away and development of self-driving and robotics technologies.
Code42 that retains the industry’s top talents who spearheaded technology projects related to AI, autonomous driving and mobility at both domestic and overseas tech companies can develop best solutions that meet the demands of the investors, the company said.
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