NEWS

EV and self-driving verification solution
exclusive supply of Hyundai Motor-Kia partnership
Level 4 Self-Driving Technology Implementation
Diversification of business areas such as UGV and UAM

"For 15 years from 2010, we have developed self-driving cars for seven generations, securing all the technology to make up the self-driving system. We plan to mass-produce self-driving technologies early in preparation for the artificial intelligence (AI) era and expand our applications to self-driving ships, unmanned ground vehicles (UGVs), and urban air mobility (UAM)."

The company is strengthening its presence in the autonomous driving space, and CEO Seungbeom Park shared his vision during an interview at the company’s headquarters in Gangnam, Seoul on May 22 with Seoul Economic Daily.

Founded in 2009 under the slogan “Your Partner for Future Mobility,” ACEWORKS has established itself as a reliable provider of validated solutions in the fields of electric vehicles and autonomous driving.
The company generates 70% of its revenue from EV battery system validation solutions. Its testing equipment enables verification through software even without a physical vehicle, significantly reducing validation time and increasing efficiency. In particular, its battery management system (BMS) testing equipment is exclusively supplied to Hyundai Motor and Kia, further proving its technical prowess.

Park explained, “While many competitors focus on detecting software issues before mass production, ACEWORKS offers unique solutions capable of verifying post-production software updates quickly and efficiently.”

To fuel its second growth phase, ACEWORKS is investing heavily in the autonomous driving sector. Following its acquisition of ACE Lab, an autonomous driving system provider, in December 2023, the company has further strengthened its technological capabilities.

In pursuit of high-quality data — a crucial element for successful autonomous systems — ACEWORKS signed an exclusive domestic supply agreement with VCARSYSTEM, China’s No. 1 autonomous driving data logging company. The partnership aims to introduce VCARSYSTEM’s advanced data logging technologies to Korea. It’s estimated that Chinese companies, led by Baidu, have accumulated billions of kilometers in driving data, forming a robust autonomous driving ecosystem.

Park stated, “China is the world’s largest data market, offering diverse road conditions and driving scenarios. This partnership will provide Korean autonomous driving companies with a powerful foundation to catch up with global leaders in the U.S. and China.”

However, due to regulatory and legal constraints hindering the commercialization of urban autonomous driving services in Korea, ACEWORKS is now focusing on UGV (Unmanned Ground Vehicle) technology development. The company is currently involved in designing autonomous systems and control technologies for defense UGVs developed by Korean defense firms.

In 2023, ACEWORKS posted KRW 1.5 billion in UGV-related sales, a 30% increase from the previous year and a dramatic rise from just KRW 200 million in 2021 — a 650% growth. In December 2023, the company successfully demonstrated Level 4 autonomous driving technology requiring no driver intervention. Furthermore, in February 2024, it completed a government project on “Autonomous Driving-Based Emergency Vehicle Assistance Technology Development,” showcasing its capabilities through an autonomous ambulance for emergency patient transport.

UGV technology is expected to see widespread application not only in defense but also in industries such as construction, agriculture, and airport operations, highlighting its strong market potential. Park added, “Given the expected growth in the UGV market, we plan to focus our efforts in this area.”

This level of technological advancement is backed by the company’s consistent investment in R&D. Of ACEWORKS’ 92 employees, 77 (or 83.69%) are research and development personnel.

Having never recorded a loss since its founding, ACEWORKS continues to grow steadily through both its EV validation solutions and expanding autonomous driving ventures like UGVs. Its revenue grew from KRW 4 billion in 2020 to KRW 14 billion in 2023.

Park concluded, “We aim for KRW 20 billion in revenue this year and ultimately KRW 1 trillion. Our vision is to become the number one autonomous driving company — a place where 10,000 to 20,000 engineers can thrive and lead innovation.”

Source: Park Woo-min, Seoul Economic Daily (wipark@sedaily.com)
URL: https://www.sedaily.com/NewsView/2GSWQ5L18X