Seoul, South Korea - Seoul Robotics has announced its plans to conduct an initial public offering (IPO) on the KOSDAQ Stock Exchange by 2025.
The company has requested proposals to select the underwriters to manage the offering.
The Points.
- Seoul Robotics, founded in 2017, develops autonomous navigation platforms for industrial vehicles.
- Its Level 5 Control Tower system allows manually operated vehicles to function autonomously, using data from infrastructure-based sensors.
- This technology is being tested at BMW's Dingolfing plant, which has maintained an accident-free record.
The Investors
In 2022, Seoul Robotics raised KRW 30.8 billion ($23.5 million) in a Series B funding round valued at KRW 280 billion ($214 million).
The investment includes prominent South Korean venture capital firms such as KB Investment, Futureplay, NOH & PARTNERS, and Access Ventures and Futureplay.
What Comes Next
Seoul Robotics plans to raise additional capital this year to fund research and development as part of its IPO plans.
The company is signing agreements with several major Asian automakers to deploy its autonomous vehicle technology.
It is currently in the proof-of-concept testing phase with these potential customers.
