Autonomous vehicle simulation startup MORAI closes US$1.8M Series A funding round

SEOUL,South Korea,Nov. 17,2020 -- MORAI,Inc.,a member company ofBorn2Global CentreandSejong Technopark,has successfully secured US$1.8M in Series A funding round. The round includes investment from Kakao Ventures and Korea Credit Guarantee Fund (KODIT) as well as from an existing investor Naver D2SF (Naver D2 Startup Factory).

MORAI delivers testing solutions based on their simulation platform built for the verification and validation of autonomous vehicles. Providing engineers with a wide range of simulation environments that vary from complex city streets to warehouses and shipping yards,MORAI's solutions help customers test even the most complex edge cases efficiently. Since their initial seed funding round,MORAI has started partnerships with more than 30 different organizations in and outside of Korea.

MORAI’s autonomous vehicle simulation reconstructs complex scenarios in a 3D environment – allowing engineers to test their systems before deployment.

The new round of investment will help continued development of MORAI's simulation software and the company's efforts to scale their platform. MORAI plans to reach out to international customers and partners,building on efforts earlier this year,in which the company completed multiple proof of concept programs,joined the Automated with Velodyne program in May,and opened a branch office in San Francisco in July.

"That some of the leading IT companies in Korea have joined us and now share our vision of safety is a great motivator," said Jiwon Jung,CEO and Co-Founder of MORAI. He added,"We plan to continue accelerating our growth,while focusing on further developing our technology and building a product that can help make safe autonomous vehicles a reality."

To hear about MORAI's technology,participatethe online seminar "Mobility Startup Pitch Event@Born2Global Centre" held for global business exchange from 1:00 pm KST on November 27th.

For more detailed information on MORAI,visit www.morai.ai.

About MORAI

MORAI,Inc. (www.morai.ai) is a South Korean startup building simulation tools and solutions for autonomous vehicles and autonomous systems. Providing engineers with detailed photorealistic scenes such as complex city intersections and test racetracks,MORAI's simulation environments help customers perform verification and validation for their autonomous vehicles. MORAI's data driven simulation approach delivers value along each step of the autonomous vehicle development process,from the project inception stage to the testing and acceptance trial stage. MORAI's core simulation platform is currently supplied to key Korean clients throughout industry,academia,and government.

About Born2Global Centre

Born2Global Centre (www.born2global.com) is a full-cycle service platform for global expansion. Since inception in 2013,Born2Global has been setting the standard for successful startup ecosystem as the main Korean government agency under the Ministry of Science and ICT. Born2Global has expanded and transformed startups to be engaged,equipped and be connected with the global market.

Media Contact

MORAI: contact@morai.ai

Born2Global Centre: jlee@born2global.com

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