Grand Ventures, a venture capital firm specializing in edtech, content, and impact, announced on the 19th that it has completed a Series A investment in AltA. In addition to Grand Ventures, IBK Industrial Bank of Korea and KR Ventures participated in this round. The investment size and valuation were not disclosed.
AltA is a company that uses AI technology to address traffic safety issues arising in last-mile areas, such as alleyways and residential streets. Its flagship product, "AltPlus," is a CCTV intelligence module that uses deep learning-based real-time object recognition technology to detect pedestrians and vehicles. It also collects traffic data from last-mile areas, providing information on traffic availability, illegal parking, and population density. This edge AI device can be deployed in existing CCTV installations without additional equipment, and its inter-module watchdog function and durability ensure stable 24/7 data collection.
“Through this investment, we have laid the foundation for technological advancement and business expansion,” said Lee Tae-woo, CEO of Alt-A. “We aim to finalize the investment round by the first quarter of next year and lead the global last-mile transportation infrastructure market.”
Grand Ventures Managing Partner Han Jeong-gyu said, "The last mile is an area where technological solutions have been lacking, and AltA is solving this problem through edge AI and data processing technology." He added, "We evaluated the team as possessing technological prowess, nationwide business performance, and global market potential." Leveraging Korea's top-tier venture network of experts, Grand Ventures plans to fully support the company's public relations efforts with the central government, local governments, and public institutions, as well as support transportation-related policies.
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