SOSLAB, a manufacturer of LiDAR (Light Detection and Ranging), key sensor technology of self-driving cars, was chosen as the “first penguin” corporation and will receive 1 billion won ( $887,000) over the next 3 years.
“First Penguin” is a support system from KODIT (Korea Credit Guarantee Fund), that will provide up to 3 billion won ($266,100) to startups that have high growth potential based on creativity and technology.
According to Gwangju KODIT, SOSLAB will be able to give a final push to its prototype development with this fund support.
SOSLAB is aiming to develop a reliable, miniaturized and affordable LiDAR. The LiDAR manufacturer will apply its original algorithm technology that will help the product to maintain its full capacity even under severe conditions such as sunlight, temperature, rain, and fog.
The company’s LiDAR sensor (5m Solid-state LiDAR and 30 m general purpose LiDAR) are used in various fields including in drone and robotics. The startup is working on a product that can influence the entire self-driving car industry by expanding the business in the sensor market to meet the demand.
Currently, there is a handful of LiDAR competitors that have already secured series A/B investment, including: Velodyne (USA, $150 M), QUANERGY (USA,$134.5 M), LeddarTech (Canada, $101 M), INNOVIZ (Israel, $74 M) and Oryx vision (Israel, $67 M). Market research firm Strategy Analytics expects the LiDAR market to grow up to $1.6 B by 2024.