In a recent development, Hyundai Motor, a South Korean multinational automotive manufacturer, is planning to acquire lidar-free autonomous mobility platform 42dot.
According to the report, 42dot is in talks with Hyundai; however, the stake size and deal valuation haven’t yet materialised. Hyundai’s primary reason behind considering acquisition is to strengthen its autonomous driving technology.
Currently, Hyundai owns around 20.4% stake in 42dot. In contrast, the lidar company’s co-founder and chief executive, Chang-Hyeon Song, who leads the Transportation-as-a-Service (TaaS) at Hyundai Motor, held a 36.19% stake as of December 2021.
The remaining stakes are held by VC firms and strategic investors, such as LG Electronics, SK Telecom, Lotte Rental, CJ Logistics, and LIG Nex1.
The announcement comes nine months after 42dot raised $88.5M in a Series A round, bringing the total funding to $130M.
Frictionless transportation services
Founded by Chang Song in 2019, 42dot is a technology company pioneering frictionless transportation services. With UMOS (Urban Mobility Operating System), a cloud-based mobility platform, the company aims to accelerate the transition to autonomous transportation-as-a-service (aTaaS) with diversified self-driving ground and airborne vehicles.
UMOS is a comprehensive platform with functionality that spans all layers of the aTaaS stack, such as
- a user interface that provides access to connected mobility and lifestyle services
- smart algorithms for fleet dispatching and management,
- cutting-edge extra-definition map and routing technology
- autonomous machines.
Together, they create a centralised, fully autonomous, and self-managed mobility infrastructure.
Through the development of UMOS, 42dot aims to improve the efficiency, safety, and convenience of the movement of people and goods.
42Dot says it will expand the pilot operation to test various autonomous driving technologies and mobility platforms on real roads. It is also planning to increase the number of autonomous vehicles for this purpose.