Autonomous a2z, a developer of autonomous mobility solutions, announced on Oct. 11 that it has successfully raised 340 billion won (US$252 million) in a Series B funding round. The company stated that the investment will be allocated towards the mass production development of their autonomous vehicle platform and to fund their global expansion efforts.
The autonomous mobility solutions under development by Autonomous a2z include a 12-seater driverless shuttle named PROJECT MS, designed in a boxcar format, and PROJECT SD, a delivery vehicle capable of carrying more than 300 kg. Both vehicle types can travel on regular public roads at a maximum speed of 60 kph in fully autonomous mode. These vehicles are set to be unveiled for the first time at the 2023 South Korea Future Mobility Expo (DIFA), scheduled for Oct. 9.
Participating investors in this round include new stakeholders such as Korea Industrial Bank, Hana Securities/Hana Ventures, KB Securities, and XPLOR INVESTMENT. They join existing investors like Kakao Mobility, KB Investment, and K & Investment Partners.
Additionally, Autonomous a2z has designated Hana Securities and KB Securities as the co-lead underwriters for their planned domestic stock listing, marking the beginning of their preparations for a 2025 IPO.
Han Ji-hyung, CEO of Autonomous a2z, commented, “With the 340 billion won investment we’ve secured, we will be test-producing autonomous mobility prototype vehicles.” He added, “Currently, we are discussing a pilot project in Singapore and a European public autonomous shuttle initiative. We plan to leverage Autonomous a2z’s autonomous mobility platform for a full-fledged entry into the global market.”