MIT-Trained Engineer Pioneers Era of Autonomous Driving in South Korea

Park Jung-hee, CEO of RideFlux, is a research engineer focused on commercializing autonomous driving technology. After earning a bachelor's degree in electrical engineering and a master's in electrical and computer engineering from Seoul National University, he obtained a Ph.D. in mechanical engineering from the Massachusetts Institute of Technology (MIT). He has accumulated extensive research, teaching, and practical experience through roles at the autonomous driving startup NuTonomy and as a professor at the Korea Military Academy.

Since founding RideFlux in 2018, Park has concentrated on internalizing technology and conducting real-world tests to achieve fully autonomous driving. This focus is crucial as autonomous driving technology must demonstrate safety and reliability in complex road environments. The company has adopted a full-stack strategy to secure essential technologies for Level 4 autonomous driving, including perception, decision-making, control, high-definition mapping, AI data solutions, and remote operation.

A pivotal moment for RideFlux came with its road testing achievements. Since 2020, the company has operated public services in locations such as Jeju and Sejong, validating its technology in adverse weather conditions like rain, snow, and fog, as well as in congested urban areas. In June 2024, RideFlux became the first in South Korea to receive permission for a temporary operation of a driverless autonomous vehicle, marking a significant transition from human-driven to autonomous driving.

This year, the company is accelerating its commercialization efforts and preparing for an initial public offering (IPO). RideFlux has secured eligibility for preliminary listing review by receiving an A grade from two specialized evaluation agencies designated by the Korea Exchange for its technology assessment for KOSDAQ's technology special listing. The evaluation process positively assessed the stability and reliability of its Level 4 autonomous driving software, the 'RideFlux Driver.' Additionally, the company completed a pre-IPO investment round, raising 33 billion won, bringing its total investment to 88.2 billion won.

RideFlux is also rapidly expanding its business into both passenger and logistics sectors. In Sangam, Seoul, the company has conducted over 2,300 hours of driverless autonomous driving tests without safety personnel, preparing for a robo-taxi service. In the freight sector, it obtained the first-ever permit for paid cargo transportation using autonomous trucks over a 112-kilometer route connecting the southeastern logistics complex in Songpa, Seoul, and a logistics center in Jincheon, North Chungcheong Province.

Park aims to position RideFlux as a leading company in the physical AI sector, including autonomous driving. He stated, "Through our KOSDAQ listing, we will accelerate the commercialization of autonomous driving in the B2B market and lead the global market with the strength of pure South Korean technology."