Autonomous A2Z, a Korean autonomous driving company with global ambitions, has wrapped up a pre-IPO funding round worth $27.2M (KRW 40.5 billion). The raise pushes its total funding to $82.3M (KRW 122.5 billion), the most any autonomous driving company in Korea has pulled in to date.

DS Investment Partners anchored the round as lead investor alongside returning backers NVESTOR, KB Investment, KB Securities, and Hana Securities. Three new investors — Daesung Private Equity, Soo Investment Capital, and E&Venture Partners — also joined the cap table.

The proceeds will fund inventory build-up for domestic and overseas expansion, infrastructure for end-to-end (E2E) AI-based autonomous driving development, and a broader hiring push.

On the domestic side, Autonomous A2Z is gearing up to bid on a large-scale autonomous driving pilot program being organized by South Korea’s Ministry of Land, Infrastructure and Transport. The company is already stockpiling controllers, sensors, and vehicle parts to make sure it’s ready to move fast once contracts are awarded.

Internationally, it’s running three parallel tracks. In Singapore, the company has teamed up with regional super-app Grab to operate what is the city’s first autonomous shuttle bus service in an urban setting, and has also integrated its proprietary LiDAR Infrastructure System (LIS) into local traffic infrastructure. In the UAE, it recently cleared a South Korean government export approval process and is now in active discussions to land local deals. And in Japan, it has begun robo-taxi demonstration runs.

On the technology side, Autonomous A2Z is developing a hybrid E2E system that layers AI on top of its existing rule-based autonomous driving stack. The aim is to use real-world driving data to train and refine the software until it meets the safety bar required for Level 4 fully driverless commercialization.

The IPO clock is now ticking. Autonomous A2Z plans to file for a preliminary technology-exception listing review with the Korea Exchange in April, with a Kosdaq debut targeted before the end of the year. KB Securities and Hana Securities — appointed as co-lead underwriters in 2023 — will oversee the process.

“This pre-IPO round was fundamentally about making sure we have the operational firepower to execute on the major projects we have underway with governments and enterprises both here and abroad,” said Jihyung Han, CEO of Autonomous A2Z. “We’re going to drive toward our IPO while building out the commercial foundation for autonomous driving — and ultimately bring Korean autonomous driving technology to the world through mass production of Level 4 vehicles and a global data ecosystem.”

Heejung Kim at DS Investment Partners pointed to the company’s rare combination of automotive engineering and AI capabilities as the core investment thesis. “Autonomous A2Z is one of a tiny handful of autonomous driving companies that owns both the vehicle technology and the AI stack — and that has been recognized by governments and global system integrators alike,” Kim said. “This investment positions them to move into full-scale vehicle production and compete at the top tier globally.”