Autonomous a2z Secures $25.2 Million in Series B Funding, Go to Mass Produce Driverless Mobility

Autonomous a2z, a developer of driverless mobility, has secured $25.2 million (KRW 34 billion) in Series B funding. The company said it will use the investment to fund the mass production development of its driverless mobility vehicle platform, as well as overseas expansion.

The driverless mobility being developed by Autonomous a2z is a 12-seat unmanned shuttle (PROJECT MS) in the form of a box car, and an unmanned delivery (PROJECT SD) capable of carrying a load of more than 300kg, which can operate in a fully unmanned form with a top speed of 60km/h on public roads. The vehicles will be unveiled at the 2023 Korea Future Mobility Expo (DIFA) on 19 October.

New investors include Korea Development Bank, Hana Financial Investment /Hana Ventures, KB Securities and XPLOR Investment, joining existing investors including Kakao Mobility, KB Investment and K & Investment Partners.

Autonomous a2z’s driverless mobility solution is based on smart cities. In this business model, Hana/ KB Financial Group is expected to synergize with new financial products such as autonomous vehicle insurance and leasing, and XPLOR Investment, GS E&C’s CVC, to jointly participate in GS E&C’s domestic and international smart city projects.

With this investment, Autonomous a2z will also select Hana Financial Investment and KB Securities as co-lead managers for its domestic stock listing, and begin preparations for its listing in 2025.

“With this $25.2 million (KRW3.4 billion) investment, we will test the production of prototype driverless mobility vehicles and begin full-scale pilot mass production after our listing in 2025,” said Jihyeong Han, CEO of Autonomous a2z. “We will also leverage Autonomous a2z’s driverless mobility platform for the Singapore demonstration project we are currently working on, and the European public autonomous shuttle project we are discussing, to accelerate our entry into the global market.

“Autonomous a2z is a startup that demonstrates the completeness of its software with an overwhelming demonstration history,” said Sung-hoon Jung, Managing Director at KB, which participated in the investment. “Unlike other autonomous driving companies, Autonomous a2z has a solid revenue model and a strong understanding of vehicle manufacturing as a former automaker.”

Previously, Autonomous a2z was the only Korean company to be ranked 13th in a global ranking of autonomous driving companies released by global consulting firm Guidehouse Insights in March this year. Since its establishment in 2018, Autonomous a2z has secured more than 300,000km of autonomous driving data on public roads through the demonstration operation of autonomous vehicles in more than 10 domestic and international cities.

Jihyeong Han, CEO of Autonomous a2z, said, “We would like to thank the investors for believing in Autonomous a2z even in a difficult investment environment, and through this investment, we will promote a full-scale driverless mobility mass production project. At the same time, we will lead the future mobility market by increasing sales through mass production in 2025, promoting a successful IPO, and entering the top five global autonomous driving companies.”