Autonomous driving startup 42dot will spend around 6 billion won to acquire 10% of the shares in INAVI Systems, TheElec has learned.
The startup is making the investment to secure a stable supply of high precision map data from INAVI Systems, a subsidiary of Thinkware that operates its driving navigation service INAVI.
INAVI Systems is also planning to procure investment from other companies besides 42dot in its latest funding round, people familiar with the matter said.
Thinkware controls 89.9% of shares of INAVI Systems which it acquired in 2013.
INAVI Systems offers its map platform to companies. In May, won the order to lead a national project to develop Level 4 autonomous driving technology.
42dot was founded by ex-Naver employee Song Chang-hyun in 2019 and received 2 billion won in seed funding from Hyundai Motor.
Song was named Transportation-as-a-Service president of Hyundai Motor Group, a position he occupies with the CEO position of 42dot.
In July, 42dot said it will collaborate with INAVI Systems and NHN to develop an urban mobility operating system for autonomous vehicles, robots and drones going forward.
Hyundai Motor’s subsidiary Hyundai Autoever is also working on an autonomous driving solution that uses map data.
Spokespeople for 42dot and INAVI Systems declined to comment on the matter.