bitsensing is an imaging radar technology company committed to building safer smart cities and elevating connected living by designing cutting-edge sensor fusions and AI solutions, bringing an unprecedented level of intelligence to smart living. Pulse 2.0 interviewed bitsensing founder and CEO Jae-Eun Lee to learn more about the company.
Jae-Eun Lee’s Background
Could you tell me more about your background? Lee said:
“I was previously a senior research engineer at Mando Corporation and led the development of South Korea’s first mid-range 77GHz Advanced Driver Assistance System (ADAS) radar for vehicles, which achieved mass production of over 10 million units.”
“The real catalyst for bitsensing came in 2015 when a significant and tragic road accident occurred at the Incheon Yeongjong Bridge in South Korea due to heavy fog and lack of visibility. This was the turning point that made me understand the critical importance and necessity of commercializing radar technology. I realized that widespread adoption of this technology could help prevent such accidents, and I decided to focus on accelerating its commercialization by starting bitsensing.”
“Now, bitsensing aims to extend radar technology beyond automobiles to various fields such as mobility, smart cities, and digital healthcare, contributing to the creation of a much safer and more convenient living environment.”
Formation Of bitsensing
How did the idea for the company come together? Lee shared:
“The incident at Incheon Yeongjong Bridge was really the starting point for bitsensing. It was then followed by a significant and chance encounter that led to the actual founding of the company. In 2017, at a conference, I met Jung-hee Ryu, the CEO of FuturePlay. Ryu, an engineer by training, was actually interested in investing in technology companies.”
“At the event, I just gave him my business card, but then the next day he followed up with me to meet again. We had dinner and talked for several hours, during which he mentioned that he would invest immediately if I started a business. After consulting with people around him and contemplating for two weeks, I decided to start my own business, bitsensing.”
Favorite Memory
What has been your favorite memory working for the company so far? Lee reflected:
“There are two moments that really stand out for me. The first is showing a demo of our automotive radar solution to a global semiconductor company. To see the reaction to what our product can do was an amazing experience, but this was then followed on by this demo being a key reason to forming a partnership with this firm.”
“In addition, our solutions aren’t just limited to one industry. We’ve put much work into developing a healthcare solution that is focused on sleep care. This effort to develop radar solutions for a host of applications that might not be obvious has been one of my favorite experiences, especially as this has now led to securing a contract with a global semiconductor business for this healthcare solution.”
Core Products
What are the company’s core products and features? Lee explained:
“bitsensing is particularly unique compared to other companies in this space as our radar product offering spans three proven and distinct use cases – automotive radar, traffic/smart cities monitoring, and sleep and healthcare monitoring.”
“For automotive radar, bitsensing’s imaging radar product transforms the way the autonomous vehicle understands its surroundings by providing high-resolution 4D imaging. With a range coverage of more than 300 meters, its unique array patterning technique and radar signal processing algorithms deliver the ultimate reliability. In addition, its advanced corner radar product provides a surround detection solution for autonomous vehicle systems with a 50% advancement in detection range compared to conventional radar.”
“Meanwhile, bitsensing’s Traffic Insight Monitoring Sensor (TIMOS) is an all-in-one traffic sensor that integrates an AI computing device into an intelligent transport system (ITS) solution. It provides visibility and intelligence across 12 lanes of traffic, vehicle class detection (i.e. cars, motorcycles, etc.), and the ability to identify a host of safety issues, including jaywalking, wrong-way driving, speed violations, and stationary vehicles. It is currently being used across six countries, including South Korea’s Nonsan-Cheonan Expressway.”
“Finally, for health technology radar, our radar is also applied to application services for digital health, focused on sleep care. Its radar monitors sleep quality, apnea events, limb movements and also provides data analysis like sleep scores, summaries and lifestyle recommendations.”
Challenges Faced
Have there been any industry challenges in your line of work recently? Lee acknowledged:
“Recently, delays in the commercialization of autonomous driving technology have become a significant issue, leading some to believe there might be limitations in the sensor market.”
“However, with the transition to the era of Software-Defined Vehicles (SDV), there is an increasing need to quickly integrate high-performance and multiple sensors from the early stages. Consequently, the market for imaging radar and advanced radar is expected to expand very fast. bitsensing is also on track with this transition and is planning to provide a market-disruptive radar solution for the automotive industry as well as smart cities, and health tech.”
Evolution Of bitsensing’s Technology
How has the company’s technology evolved since launching? Lee noted:
“In the beginning, bitsensing started off with the vision to develop and commercialize automotive radar. As mentioned, these horizons have really broadened to look at where radar could make a substantial, positive difference to other industries and applications. Since our early days, we’ve made a concerted effort to expand into new industries beyond automotive, including smart cities and digital healthcare. This commitment to exploring what is possible with radar is a critical part of bitsensing.”
Significant Milestones
What have been some of the company’s most significant milestones? Lee cited:
“Recently we announced our $25 million Series B funding round that will help to accelerate our growth and further innovation. In this funding round too, it was the fourth consecutive time that HL Mando Corporation has participated in funding bitsensing, reaffirming its strong belief in the our vision and capabilities.”
“In addition, we have also been nominated and won a host of respected awards, which further validates our proposition within our core industries. We have received numerous accolades for our proprietary technology, including a CES 2020 Innovation Awards Honoree for Smart Cities, CES 2022 Innovation Awards Honoree for Vehicle and Transportation Technology and also a 4YFN Awards 2024 Finalist.”
“bitsensing is also an Infineon Technologies Preferred Partner, which has also been an important milestone within our growth to date.”
Customer Success Stories
When asking Lee about customer success stories, he highlighted:
“While we can’t go into specific details about individual clients, bitsensing has secured an automotive radar contract with a Tier 1 firm and a sleep quality monitoring licensing contract with a global semiconductor firm. Meanwhile, we have been a part of the K-City Project, which sees companies like bitsensing deploy smart city solutions in a host of cities around the world.”
Funding
Upon asking Lee about the company’s funding details, he revealed:
“We have had $46 million in funding since our inception, with a recent Series B funding of $25 million.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Lee assessed:
“The overall radar market is set to reach $45 billion in 2029.”
Differentiation From The Competition
What differentiates the company from its competition? Lee affirmed:
“Given that bitsensing is spread across three core industries we don’t have a direct competitor. bitsensing is unique in having a vast array of experience in all phases of radar development, from conception to mass production, as well as working with a tier-one automotive firm for mass production.”
Future Company Goals
What are some of the company’s future company goals? Lee concluded:
“At bitsensing, we’re aiming for global expansion as well as an IPO in 2026. Overall, we want ‘Better Life With Radar’ and ‘Bring Radar Everywhere’ to a host of applications, all aimed at creating a safer and better environment for all.”
