Ettifos Co., South Korean Vehicle-to-Everything (V2X) startup, has successfully raised USD 6 million in Series A investment led by LB Investment together with Korea Development Bank.
Established in 2018, Ettifos has focused on developing V2X solutions that connect road entities to enhance road safety, improve traffic efficiency, and enable new applications for transportation systems.
In 2023, it gained recognition for its technological capabilities by completing compatibility testing of the world's first 5G-V2X modem developed in collaboration with global test device company Keysight.
Ettifos has also established itself as a V2X modem and device supplier by consistently being involved in the development of Korea's Cooperative Intelligent Transport Systems (C-ITS).
The company has secured global customers in the United States, EU, Singapore, Taiwan, and the UAE, and is currently conducting joint tests with leading businesses in Japan to penetrate the Japanese market.
There are also plans to conduct a 5G-V2X-based PoC with automakers in Germany later this year.
With V2X being an essential communication technology for connected cars and level 4+ autonomous driving, the United States, EU, and China are implementing policies related to V2X and are actively investing in V2X infrastructure, leading to the substantial formation of the V2X market.
Ettifos has also attracted attention through the development of an SDM (Software Defined Modem) solution that implements the C-V2X method adopted as a national standard by China, the United States, and South Korea.
With Ettifos' C-V2X SDM solution, upgrading from the current standard LTE-V2X to the latest standard 5G-V2X is possible with just a software update, eliminating the need for a hardware replacement which results in significant cost savings across infrastructure deployment and maintenance.
Commenting on the investment, CEO of Ettifos, Hojun Kim, said:
"This Series A investment signifies the recognition of the growth potential of the V2X market and Ettifos' differentiated technological capabilities in the capital market.
“With the Series A investment, we aim to secure meaningful revenue primarily in the infrastructure market and aftermarket vehicle market for V2X. Then, we plan to supply our V2X semiconductor IP to global vehicle chip manufacturers to penetrate the automotive OEM market."