Seoul Robotics appoints Seung-Young Bang, CFO of Rainbow Robotics, as New Outside Director

SEOUL, South Korea, May 30, 2024 /PRNewswire/ -- Seoul Robotics, a leading industrial autonomous driving company, has announced the appointment of Seung-Young Bang, CFO of Rainbow Robotics, the robot platform company, as its new outside director.

Seung-Young Bang, the newly appointed outside director, joined Rainbow Robotics in 2018 after an extensive career in the manufacturing and bio industries, including with Medytox, a biopharmaceutical company. He has since led various management activities aimed at enhancing shareholders and corporate value, including overseeing the company's KOSDAQ listing process and numerous M&As. He is a well-known expert in finance, accounting, and investor relations (IR).

After going public on the KOSDAQ in February 2021 through the Technology Growth Listing, Rainbow Robotics achieved a high subscription success rate despite unfavorable market conditions. Last year, Samsung Electronics became the second-largest shareholder of Rainbow Robotics by acquiring a 14.83% of total share through a strategic investment worth 87 billion won. Additionally, they signed a call option agreement that allows them to secure up to a 59.94%.

Hanbin Lee, CEO of Seoul Robotics, stated, "Seoul Robotics selected Samsung Securities as its lead underwriter this February, with plans to be listed on the KOSDAQ by 2025. We anticipate that Seung-Young Bang, in his role as the new outside director, will provide significant contributions and strategic direction in the IPO preparation process."

Prior to its 2025 listing, Seoul Robotics is conducting a pre-IPO round this year, focusing on attracting major global clients and strengthening corporate competitiveness through research and development (R&D). Additionally, the company has completed contracts with several Asian Automakers for the adoption of its 'the Level 5 Control Tower (LV5 software)' and is advancing pre-validation (PoC) of the technology. LV5 software enables non-autonomous vehicles to function with the capabilities of autonomous vehicles.

Meanwhile, founded in 2017, Seoul Robotics has established itself as a key player in the industrial autonomous driving software market, serving major global automotive OEMs. The company reported revenues of 3 billion KRW and a gross profit margin of 55% last year, with 80% of its sales coming from the global market.

SOURCE Seoul Robotics