AdaSky adds $20M from lead investor, Sungwoo Hitech
AdaSky, developer of far-infrared (FIR) technology, announced it has secured $20M from lead investor, Sungwoo Hitech Co., Ltd, a global automotive supplier. The investment is part of a larger round of funding, signifying industry endorsement of AdaSky’s technology, and will enable the company to expand globally. AdaSky says its solution, Viper, is an all-in-one, complete solution for autonomous vehicles, combining FIR camera technology with fusion-ready, deep-learning computer vision algorithms.
“We are thrilled to partner with Sungwoo Hitech for their resource and guidance in the South Korean market and globally. This funding will allow us to rapidly scale to meet the global market pull for our technology,” said AdaSky CEO, Yakov Shaharabani.
The FIR market has grown over the past five years. Market research group, Yole Développement, estimates a four-times growth in units. Automotive is a significant segment of the growth, driven by night vision and redundant safety for autonomous vehicles.
“Viper is the smallest, highest-resolution thermal camera for autonomous vehicles on the market. We strongly believe that AdaSky’s technology will enable 24/7 sight and perception for vehicles and put us all on the path to fully autonomous driving,” said Myung-Keun Lee, chairman and co-CEO of Sungwoo Hitech. “Our investment in AdaSky strengthens our capabilities in supplying key technology for OEMs of autonomous vehicles, which is vital for our long-term growth in the automotive market.”