RideFlux secures 20 bn won in pre-IPO funding

(RideFlux)

South Korea’s autonomous driving software startup RideFlux said Monday it has secured 20 billion won ($14.0 million) in early commitments just four weeks after launching its pre-initial public offering funding round in early December.

Including the latest round, RideFlux’s cumulative funding to date stands at approximately 75.2 billion won.

The investment round saw participation from existing shareholder Atinum Investment and new investor Korea Development Bank, each contributing 10 billion won. Other major shareholders include Socar and Yuanta Investment.

RideFlux is continuing discussions with both existing and new investors and plans to finalize its pre-IPO funding round early next year. Given sustained investor interest following the initial commitments, the final amount raised is expected to increase.

The company is currently conducting the country’s only licensed driverless autonomous vehicle pilot program without a safety driver in Seoul’s Sangam district, where it has accumulated more than 2,300 hours of autonomous driving data. Next year, RideFlux aims to move beyond pilot testing toward public service operations.

RideFlux has also built commercialization experience by operating autonomous public transportation services in major cities including Seoul, Busan, Sejong and Jeju. Recently, the company began a Level 4 autonomous car-sharing pilot as part of a government-led project and is preparing to expand into robotaxi services.

In logistics, RideFlux plans to launch paid middle-mile autonomous freight transport in the first half of next year with major domestic logistics and manufacturing companies, including Samdasoo. The company said it is the only domestic operator capable of hub-to-hub autonomous truck operations covering both highways and nearby urban roads around logistics hubs.

RideFlux plans to accelerate business expansion by advancing its end-to-end AI-based driverless technology and preparing for large-scale commercialization centered on autonomous driving pilot cities designated by the Ministry of Land, Infrastructure and Transport. The company aims to complete its pre-IPO round next year and pursue a KOSDAQ listing in the second half.

Chief Executive Park Jung-hee said the company will move quickly to make fully driverless autonomous services a reality and set a new benchmark for Korea’s autonomous driving industry.