SEUM advised Sungwoo Hitech, a leading Korean automobile component manufacturer, in connection with its strategic investment of USD 20 million in Israeli startup AdaSky, which closed around November 2018. 

AdaSky is an Israeli tech company, developing thermal sensors that can be used for driving vision. Regarding the investment, AdaSky’s CEO Yakov Shaharabani remarked, “we are thrilled to partner with Sungwoo Hitech for their resource and guidance in the South Korean market and globally.  This funding will allow us to rapidly scale to meet the global market pull for our technology.”  The investment was a recognition by AdaSky, a pioneer in driving vision, of the strength of Sungwoo Hitech’s Tier 1 supplier status with major auto manufacturers and a recognition by Sungwoo Hitech of the importance of autonomous driving for the auto industry going forward.

Established in 1977, Sungwoo Hitech is a leading Korean automobile component manufacturer. The firm produces automobile components for global automakers such as BMW, KIA, Hyundai, General Motors, Volkswagen and Nissan.  Regarding the investment, Sungwoo Hitech’s CEO Myung-Keun Lee remarked, “our investment in AdaSky strengthens our capabilities in supplying key technology for OEMs of autonomous vehicles, which is vital for our long-term growth in the automotive market.”

The SEUM team was comprised of corporate partners Hoseok Jung, Egyul Kim, Daniel Chong. SEUM’s fellow TAGLaw member in Israel, Pearl Cohen, worked closely with SEUM as local counsel.  The Pearl Cohen team was led by Yael Baratz and Yossi Weinstock.