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HJWAVE Selects NH Investment & Securities as Lead Underwriter and Kiwoom Securities as Co-Underwriter for IPO

HJWAVE, a South Korean company specializing in autonomous driving RF components and materials, announced that it had sent out requests for proposals (RFPs) to major domestic securities firms last December to select underwriters for its IPO. Following a competitive presentation process, NH Investment & Securities was chosen as the lead underwriter, with Kiwoom Securities as the co-underwriter. The company is targeting a listing on the KOSDAQ market in the second half of 2026.Since its establishment, HJWAVE has raised a total of KRW 53 billion through two rounds of investment. Its headquarters and R&D center are located in Pangyo, and it currently operates a 1,270-pyeong (approximately 4,200-square-meter) manufacturing facility in Yongin. To accommodate the mass production of automotive electronic components, the company is preparing an additional manufacturing facility with a scale of 2,700 pyeong (approximately 8,900 square meters).HJWAVE’s proprietary millimeter-wave RF antenna technology is considered a core element for current and future autonomous driving systems. Building on this technology, the company has expanded its market presence from component markets to inspection equipment sectors. Thanks to its vertically integrated system, which spans from technology development to mass production, HJWAVE is actively securing orders for additional products. The company anticipates achieving visible results this year not only in the automotive electronics sector but also in the telecommunications and defense industries, as well as in its expansion into global markets.Yoo Tae-hwan, CEO of HJWAVE, stated, “We aim to grow into a company that contributes to future generations and humanity by upholding our technological capabilities and trustworthiness, thereby creating long-term value.”

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HJWAVE attracts 45 billion won in investment

HJWAVE, a specialist in millimeter-wave (mmWave, 30~300GHz) RF technology, announced that it has successfully completed a KRW 45 billion funding round.The company is developing next-generation radar antennas for autonomous driving systems based on its proprietary millimeter-wave RF technology.In last year’s Pre-A funding round, HL Klemove, AFW Partners, Arges Private Equity, and Bitsensing participated. This round saw follow-up investments from AFW Partners and Bitsensing, alongside new participation from the Korea Development Bank (KDB), LB Investment, Industrial Bank of Korea (IBK), IBK Capital, KDB Capital, Kyobo Securities, Albatross Investment, Intervalue Partners, and L&S Venture Capital.Yoo Tae-hwan, CEO of HJWAVE, stated, “With this investment, we plan to strengthen our manufacturing capabilities and production infrastructure in preparation for full-scale mass production. Additionally, we will allocate funds to expand into overseas markets and diversify into new industries. We are committed to delivering tangible revenue and profitability to the market while staying focused on advancing future technologies, maintaining trust with both the market and our investors.”

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HJWAVE Wins Innovation Award at KES 2024 (Korea Electronics Show)

 Millimeter-wave (mmWAVE, 30~300GHz) RF specialist HJWAVE announced that it has been selected in the electronic components and materials category at the Innovation Awards during KES 2024 (Korea Electronics Show).The Korea Electronics Show (KES) is an exhibition hosted by the Ministry of Trade, Industry, and Energy and organized by the Korea Electronics Association (KEA). In its 13th year, the KES Innovation Awards recognized 37 products from 33 companies for their innovation, and HJWAVE won with its 3D waveguide antenna technology designed for autonomous driving.Yoo Tae-hwan, CEO of HJWAVE, stated, “Our company is currently receiving positive market evaluations not only for the technical value but also for the scalability and marketability of our products. Our business scope has expanded from components to equipment, and we are aiming to further grow into a manufacturing company based on our specialized RF technology.”He added, “Our strategy is to be a frontier in technology and a follower in pricing. Rather than focusing on short-term achievements, we are dedicated to enhancing the value of our company and technology, contributing to future value, humanity, and becoming a company that plays a role in shaping the future.”

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Leaders September issue, 2024 - Yoo Tae-hwan, CEO of HJWAVE Co., Ltd. “We will grow into a global company pioneering and leading the radar antenna field”

 HJWAVE Co., Ltd. continues to make remarkable progress. Last year, the company was solely selected for the national project of the Ministry of SMEs and Startups, focusing on the development of wideband, wide-angle antennas to reduce performance deviations between multiple channels. The research results are expected to reduce channel deviations by more than 60% compared to conventional technology. Additionally, HJ Wave was named as one of the 'Top Automotive Solutions Providers 2023' by CIO Review APAC, a specialist in the field of technology and solutions. This recognized the company's pioneering role in the increasingly important field of radar antennas for autonomous driving technology. HJ Wave's antenna structure technology with beam tilt functionality earned the company the Minister's Award from the Ministry of Trade, Industry, and Energy at the '2023 Korea Invention Patent Exhibition'. This year, the company was also selected in the future mobility sector of the 'Super Gap Startup 1000+ Project,' further proving its technological capabilities. We met Yoo Tae-hwan, CEO of HJ Wave, to learn about the secret behind the company’s outstanding achievements.Millimeter Wave (mmWave) is a high-frequency electromagnetic wave in the frequency range of 30GHz to 300GHz, with a wavelength measured in millimeters. The use of high frequencies enables ultra-fast data transmission, and its short wavelength allows for smaller antenna sizes. Moreover, mmWave is less congested than other frequency bands, resulting in reduced interference and the ability to support more devices simultaneously. These characteristics make mmWave a key technology for next-generation communications and various advanced technologies, drawing attention for its research and application in fields such as communications, radar, healthcare, and security. HJ Wave is a leading next-generation millimeter-wave antenna company with core technologies in autonomous driving radar and next-generation antennas. The company has achieved global success by securing large-scale technical contracts with global automotive Tier 1 and semiconductor companies and is expected to become a unicorn company in the antenna sector.Evolving into a 'Super vendor(乙)' Company with Exceptional TechnologyIn August, the Korean government announced a new project with the goal of nurturing Korea's materials, components, and equipment companies into ‘super vendor(乙)’ companies that hold an unshakable position in the global supply chain. The term refers to companies that, despite their smaller size in business negotiations, possess exclusive technology or parts, giving them strong bargaining power over large corporations. From this perspective, HJ Wave has already achieved a 'super strong' position. Globally, only three companies own proprietary 3D Waveguide Antenna technology for autonomous driving radar: a Swiss company (H), a Swedish company (G), and HJ Wave. The Swiss company has an annual revenue of around 1.6 trillion won, and the Swedish company continues to grow year-on-year. In the Asia-Pacific region, HJ Wave is the sole player.HJ Wave's technology has several advantages compared to its Swiss and Swedish counterparts. First, the accuracy of its simulations is superior. In RF technology, one of the most challenging aspects is ensuring that the product designed in simulation is identical in performance to the final product. While the average accuracy level in the industry is around 80%, HJ Wave boasts a 96.86% accuracy rate. This not only reduces development costs and time but also allows for thorough validation during the simulation phase. The strategic choice of using nickel plating from the early stages of development also contributed to the company's success. While competitors tend to use gold or silver plating, which offer excellent electrical conductivity, Yoo recognized the limitations posed by high costs. By focusing on fundamental design technologies that compensate for the drawbacks of electrical conductivity, HJ Wave was able to create a structure that balances cost competitiveness, mass production, and quality. Yoo stated, "Our strategy is to be pioneers in technology and followers in pricing.""From the perspective of radar Tier 1 companies or multinational corporations, I believe our company is the most rational choice. There are only three companies globally with this technology, and we are the only one in the Asia-Pacific region. While many companies in the U.S. and Europe are developing cars that use this technology, the largest consumer market is in Asia-Pacific. Perhaps we are in the most key market with the most purchasing power compared to other companies. Moreover, HJ Wave is competitive in terms of solution costs among the three companies, which naturally gives us an advantage in logistics costs and local responsiveness."Key to Success: Moving Faster Than the Market by Predicting the FutureWithout high-level technology aligned with the times, factors such as geographical advantages and cost structures cannot provide a competitive edge. Yoo predicted the future accurately by focusing on mmWave RF technology development, even when most of the market was nurturing microwave RF technology. He realized that the lack of available bandwidth in the microwave frequency band would inevitably lead to a shift to higher frequencies. Yoo predicted that the use of mmWave would be essential for high-capacity, high-speed transmissions and improving resolution. Focusing on the development of autonomous driving radar antennas, the most active area of mmWave research, maximized the company’s achievements.“The global semiconductor companies are the ones leading the mmWave RF-based autonomous driving radar market. We started developing our own technology with them 2-3 years before new chipsets for autonomous driving were released, securing independent technology. Our thorough early preparation created a major barrier for competitors trying to enter the market. I believe these efforts are what enabled us to do business with global Radar Tier 1 and semiconductor companies. We aim to secure cost competitiveness and mass production quality based on our proprietary mmWave RF core technology and grow to become the No.1 mmWave specialist in the Asia-Pacific region. I also believe we can become a company that spans both Europe and the U.S.”Looking at the patent technologies HJ Wave has secured, each one is interconnected and capable of continuous expansion, which highlights Yoo's forward-looking insight. The flexibility in responding to changing environments is one example, particularly the adaptation to changes in frequency. Last year, the decision was made to shift from the existing 79GHz frequency band to the 140GHz band for autonomous driving radar. At a time when global companies were busy adapting to the sudden change, Yoo calmly reviewed the technology his company had already developed. Since they already possessed technology capable of handling mmWave frequencies, there was no need to develop entirely new technologies or explore completely different business models. With 27 patents to its name, HJ Wave has already released a product this year in Q2 that meets the frequencies needed 10 years into the future.“We don’t see our technology as limited to a specific point in time or a particular field. In the autonomous driving market, we are solidifying relationships with the global top 3 companies while planning to expand into new fields like telecommunications and defense, where our technology can be effectively applied. My goal is to create a business that is continuously evolving and expanding based on the present.”Sustainable Results Rooted in 'Trust'Yoo emphasizes that the most important principle in management is trust (信義). In his various roles, he has redefined what trust means to him. As a team member, trust meant maintaining integrity in relationships within and outside the organization, and staying true to the beliefs he sought to achieve through technology. A conversation with a senior figure in the autonomous driving industry reshaped his understanding of trust.“I had a chance to speak with a senior figure considered the godfather of Korea’s autonomous driving industry. It was shortly after I founded the company, and I told him my vision—to grow into a company that keeps its promises, that upholds trust. He responded, ‘Only a company with power can talk about keeping trust.’ That’s when I realized that while I was in a situation where I couldn’t keep my promises on my own, I was clinging to a goal that was just empty rhetoric. To fulfill my trust in the industry leaders and customers who chose us, I realized that instead of just having the right mindset, I needed the capabilities to back it up. So, I developed our proprietary technology and products, and secured new customers. Three years later, I went back to that senior figure and said, ‘Now we are a company that can keep its promises.’ I also made another promise, ‘I will continue to work hard so we can keep our promises in the future as well.’”The trust Yoo speaks of has manifested not just in words but in business results. The company has consistently exceeded its revenue targets by more than 100% each year, and has never recorded a loss since its founding. With a net profit margin of over 20%, HJ Wave is receiving praise from investors, customers, and the market as a whole. In 2023, the company started by raising 8 billion won in common stock investments, surpassing the target of 15 billion won and raising 35 billion won, with the final round of investments expected to close in October. As of August 2024, the company has already received 17.5 billion won in investments, further validating its strong business performance and growth potential from investors.Moreover, the company is in discussions for an annual supply contract of over 10 million antennas following years of continuous projects and technical validation with global semiconductor companies. HJ Wave has applied for and registered 27 domestic and international patents related to the technology, and has obtained SQ certification to mass-produce and supply products to Hyundai-Kia Motors. It also holds the IATF-16949 certification for global supply.“Investors trust in our future value and vision. I believe their trust, as well as the interest of future investors, is my responsibility and the trust I need to uphold. In the early stages of our business, we faced many challenges. But I understood that fulfilling the promises I made early on was essential to maintaining the trust of our investors. I constantly reminded myself to focus on building a business, not just running a short-term venture. Mutual trust was built with stakeholders because we prioritized trust over short-term profits or temptations, and I believe that’s why we’ve seen the success we have today.”Realizing Broader Value Through Passion and PerseveranceYoo cites Angela Duckworth’s book 'Grit' as a key influence. Early in his entrepreneurial journey, he found wisdom in this book to help set his goals and mindset for technological development. While anyone can start something, not everyone achieves success. According to Grit, successful individuals share common traits: they explore their passions intensely, consciously train to connect their interests to achievements, pursue higher goals, and persevere through adversity with a sense of hope. Yoo’s journey—focusing on mmWave technology through careful trend analysis, presenting tangible results through R&D, and never giving up despite the challenges, all while upholding his values of trust—closely mirrors the process described in Grit.“When I meet young people who feel like they have no choice but to give up because of the failure they’ve experienced or the difficult circumstances they face, I advise them to plan their lives in five or ten-year increments until they turn 70. If you still can’t make any plans even with that approach, it’s not that the world has turned its back on you, but that you’ve failed to consider how to open up the world for yourself. Don’t anticipate failure and worry about it, but instead consciously support and believe in your own choices.”Even now, Yoo continues to operate with the same mindset he had at the start of his business, never resting on his laurels despite putting HJ Wave on a stable track. What stands out most is his constant drive to raise his goals and increase the value he creates through his work.The value Yoo has always sought is technology that can protect human life and safety. HJ Wave’s success has been driven not only by financial goals but also by this greater value. Now, Yoo is focused on realizing even broader values.“With our strong foundation of technological prowess and trust, I want to grow into a company that can continue doing business not only for 10 or 30 years but for 100 years into the future. My goal is to create a company recognized as one that guarantees success for all who work with us. As a company that develops technologies with an eye toward the future, I want to contribute to the future of humanity by realizing value for both our company and society.”Original article source: Leaders Magazine (www.kleaders.com)

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HJWAVE Establishes Production Line for 3D Waveguide Antennas

- Secures Lineup of Millimeter-Wave Antennas for 24GHz, 60GHz, 77GHz, 79GHz, and 140GHz- Establishes Mass Production Line with Minimum Investment and Maximum Efficiency through Manufacturing Technology Capabilities<HJWAVE’s Factory in YongIn, Korea>HJWAVE (CEO Tae-Hwan Yoo), a specialized company in millimeter-wave (mmWAVE, 30~300GHz) RF technology, announced that it has established a 3D waveguide antenna production line. A representative from HJWAVE stated, “We have built the first phase of a mass production line for millimeter-wave 3D waveguide antennas at our YongIn factory. Currently, the capacity is set at 500,000 units per year, but by early November, we plan to expand production capacity to 2 million units annually by adding additional automation processes.” The representative further explained, “Depending on future orders, we plan to further expand the YongIn factory to increase production capacity to up to 15 million units annually.” The representative continued, “This newly established equipment can mass-produce products across various millimeter-wave frequencies, including 24GHz, 60GHz, 77GHz, 79GHz, and 140GHz, that we have secured in our lineup.” They further explained, “We have designed the facility to enable the application of products in diverse fields such as autonomous driving, telecommunications, and defense industries. This is an outcome that reflects our production technology capabilities and expertise in facility design and manufacturing.”  CEO Tae-Hwan Yoo stated, “While maintaining a focus on the development of core technologies, we see this as an opportunity not only to provide technical support and performance verification to our customers but also to demonstrate our production technology capabilities, achieving maximum production capacity and efficiency with minimal cost.” He concluded, “We are now ready to show the market that we can ensure both mass production capability and quality assurance, and we are fully prepared to receive objective evaluations from the market.”

NEWS

HJWAVE Launches Beam Tilt Antenna Dedicated to Corner Radar for Autonomous Driving

HJWAVE ( CEO Tae-Hwan Yoo ) , a millimeter wave (mmWAVE, 30~300GHz) RF specialist, announced on the 7th that it has released an antenna with a beam tilt function to improve the installation of corner radar ( radar mounted on the corner of a vehicle ) used in autonomous vehicles . An official from HJWAVE said , “ Previously, vehicle radars were classified into LRR (Long Range Radar), MRR (Middle Range Radar), and SRR (Short Range Radar) based on distance , but with the application of 3D waveguide antenna technology, there is now a trend of classifying radar types based on installation location. ” He explained, “ Corner radar is a product that is installed in four locations , at each corner of the vehicle, and can detect a distance of more than 200m and a 360- degree view around the vehicle . In order to secure freedom in the installation location within the vehicle, antenna beam tilt technology is essential .” He continued , “ Beam tilt technology is a technology that adjusts the direction of the antenna beam . By tilting the antenna beam pattern in the desired direction at the corner of the vehicle, it can provide freedom for the mounting location of the radar on the vehicle . ” He added, “ We have patents for six different techniques for beam tilt technology, which can adjust the angle from 20 to 80 degrees . This is a core patented technology unique to HJ Wave .” CEO Yoo Tae-hwan said, “ After attracting KRW 8 billion in investment from the Pre-A Series last year , we are currently conducting a Series A round to build mass production facilities . We had originally planned to close the round in June , but due to increased interest and requests from follow-up investors and new investors regarding our technology, market , and sales expansion , we extended the investment attraction period to October . ” “ We have already surpassed our initial target amount of 15 billion won and have secured a certain amount of investment ,” he said . “ We expect to secure an investment of over 30 billion won by October when additional investment is completed , so we believe this investment round will be the last round before the IPO . ” 

NEWS

HJWAVE Launches Two Phase Array and 3D Antennas for Imaging Radar

<Left_PCB Phase Array Type Antenna, Right_Waveguide Type Antenna>HJWAVE (  CEO Tae -Hwan Yoo ), a millimeter wave (mmWAVE, 30~300GHz)  specialist , announced on  the 9th that it has released  two types of antennas dedicated to imaging radar .          This  product uses  4  chips in a  cascading  structure to implement  Tx16*Rx16, 256. The  first method ,  the PCB Phase Array  structure, added  the EBG (Electromagnetic Band Gap) structure to eliminate the existing shortcomings of channel -to- channel deviation and ripple  . The  second  WGIM (Waveguide Injection Molded) 3D  antenna structure is an advanced technique that consists of  a total of  3 layers and improves channel -to -channel deviation  by 40%  and ripple by  20%  compared to the improved  PCB Phase Array  method .                       “We maintain an accuracy of over  95%  when comparing the simulation results during the development stage with the performance measurement results of the actually manufactured product" said  HJWAVE  CEO Yoo Tae - hwan . Based on this accuracy, we can reduce the development period and development costs .                            In addition, he stated,  “ The measurement data of the sample made of aluminum in the prototype  stage and the sample with plating applied to the injection molding of the mass production version showed a high consistency of  98.2% . ” and “ By securing this high consistency, we have completed verification of the reliability, stability , and  feasibility of technology development . ”                            An official from HJWAVE said  , “ We are currently conducting projects with two global  Chip Markers and   three autonomous driving radar companies  for this product , ” and “We are currently building a  first- stage automated antenna mass production line with an annual capacity of  2 million units at the Yongin plant , and we plan to begin prototype production in  October of this year and operate a full- scale mass production line in  December .  We plan to expand to  8 million units per year in the  second stage next year , and we are also considering building an assembly line for finished radar products in the mobility field .

NEWS

HJWAVE Launches Pencil Beam Antenna for Defense Industry, Low-Earth Orbit Satellites, and Mobile Communications

<60GHz Pencil Beam Antenna_HJWAVE> HJWAVE (CEO Tae-Hwan Yoo), a millimeter wave (mmWAVE, 30–300 GHz) specialist, announced on the 19th that it has launched a Pencil Beam antenna with a Beam Width of less than 6 degrees (Horizontal & Vertical) at a frequency of 60 GHz. The product consists of a waveguide slot array with 256 elements in 3 layers and has a wide bandwidth of 7 GHz from 57 GHz to 64 GHz, a Gain of 33 dBi, and a size of 7.5 x 7.5 cm. Four slots are implemented as one sub-array in a 2x2 configuration, and these sub-array configurations are arranged in the vertical and horizontal directions by 8 each to create a total of 16x16 256-slot array antenna structure, which operates as a Pencil Beam antenna with a vertical and horizontal antenna beam width of 6 degrees. An official from HJWAVE said, "We have first released the 60GHz product, which has the highest frequency and difficulty among the applicable fields. By applying the same related technology at the desired frequency, it can provide high-resolution signal transmission and excellent bandwidth performance, so it can be applied to various industries such as defense industry radar, low-orbit communication satellites, high-precision position tracking, wireless gigabit communication (WiGig), vehicle-to-vehicle communication (V2V) of autonomous vehicles, industrial automation and robotics, medical and healthcare fields, and future D-band base station antennas." CEO Yoo Tae-hwan said, "Through the release of this Pencil Beam antenna, we have proven that the fields of application for the 27 related patents we currently hold can be applied and expanded to various fields such as not only autonomous driving radar but also the defense industry, low-orbit satellite communications, mobile communications, etc. We plan to seek to expand and advance into the defense industry and mobile communications fields in the future."