230 billion won worth of venture capital (VC) funding has flowed into the manufacturing process automation solution startup JLT.
According to the VC industry on the 25th, JLT recently completed a series B funding round worth 230 billion won. Domestic VCs, including Stonebridge Ventures, Partners Investment, and SJ Investment Partners, as well as U.S. VC Millennium New Horizons, have also invested.
JLT, established in 2009, is a specialized corporation in manufacturing process automation solutions based on artificial intelligence (AI) technology. Its representative product is a welding automation solution, and it has secured clients such as Hyundai Motor and LG Magna. Last year, its revenue surpassed 10 billion won.
VCs are reported to have highly evaluated JLT's welding automation solution for its potential to resolve the issue of labor shortages in welding. Currently, the domestic manufacturing industry is facing a manpower crisis due to the halt in the influx of skilled labor in welding technology.
JLT plans to use this investment to develop next-generation automation solutions that integrate welding inspection and vision inspection. Additionally, the company intends to expand into industries such as electric vehicles, shipbuilding, offshore wind power generation, and plant construction.