Participants included existing investor DS Investment Partners, which served as an anchor, along with Nvestor, KB Investment, KB Securities and Hana Securities. New investors included Daesung Venture Capital, Suin Investment Capital and E&Venture Partners. With 45 billion won raised in the pre-IPO, A2Z said its cumulative funding has increased to 122.5 billion won.
A2Z said it will use the funds across its business, including securing inventory to support domestic and overseas expansion, and investing in infrastructure and hiring to develop end-to-end AI autonomous driving technology.
The company said the financing will also support preparations for a large-scale autonomous driving demonstration project led by the Ministry of Land, Infrastructure and Transport. A2Z plans to strengthen technical readiness for participation, including securing in advance controllers, sensors and other vehicle components needed for production.
A2Z said it will also invest in diversifying overseas operations. In Singapore, it is operating what it described as the first autonomous shuttle bus service in the city center in collaboration with Southeast Asian super app Grab, and is installing and applying its in-house LiDAR Infrastructure System, or LIS, to the local transportation network.
In the United Arab Emirates, A2Z said it recently obtained approval from the South Korean government for autonomous driving exports and is pursuing local contracts. In Japan, it has begun a robotaxi demonstration service. The company said it plans to expand commercialization by introducing autonomous driving technology in stages tailored to each country’s legal and regulatory environment.
A2Z said it is accelerating development of hybrid end-to-end autonomous driving technology that combines its existing rule-based system with AI. It plans to invest in infrastructure and hiring to train on real-world driving data and advance its software, while focusing on strengthening safety and stability for commercialization of Level 4 fully driverless autonomous driving.
A2Z said it will use the investment to begin full preparations to list on the KOSDAQ market within the year. It plans to file a preliminary review application with the Korea Exchange in April for a technology-special listing. The company selected Hana Securities and KB Securities as joint underwriters in 2023.
Chief Executive Han Ji-hyeong said the pre-IPO round was a strategic decision to secure practical execution capability for key projects with governments and companies at home and abroad. He said A2Z will strengthen the foundation for commercialization as it pursues an IPO and aims to expand Korean autonomous driving technology globally through mass production of Level 4 vehicles and building a global data ecosystem.
* This article has been translated by AI.
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