Nearthlab, a physical artificial intelligence (AI)-based autonomous flight drone company, is targeting the global defense market through a Kosdaq listing. The company aims to become Korea's first physical AI drone-listed company by expanding autonomous flight technology proven in wind turbine inspections into counter-drone and swarm strike solutions.
"Starting with the Kosdaq listing, we will expand production infrastructure and R&D investment and begin full-scale entry into the global defense market," Nearthlab CEO Choi Jae-hyuk said at an initial public offering (IPO) press briefing held at 63 Square in Yeouido, Seoul, on the 6th.
Founded in 2015, Nearthlab holds "Aerial Intelligence," which integrates the perception, navigation, guidance, and control technologies required for autonomous flight with software and hardware. Based on this technology, the company has inspected more than 100,000 wind turbine blades in 40 countries worldwide, with a mission success rate exceeding 99%. Data and operational experience accumulated in extreme environments, including strong winds and communication and GPS failures, became the foundation for its defense market entry.
Its flagship defense products are the counter-drone hard-kill solution "KAiDEN" and the swarm strike drone "XAiDEN." KAiDEN autonomously tracks threatening drones and physically intercepts them, while XAiDEN is designed to allow a single operator to command up to 10 drones simultaneously.
Nearthlab is applying its "hero strategy," which secures flagship track records by first targeting key countries or companies in each region, to its defense business. The plan is to use Singapore as a base for Southeast Asia and the United Arab Emirates (UAE) as a base for the Middle East market, expanding supply to neighboring countries. In Korea, the company has formed a consortium with LIG Defense & Aerospace to carry out the Defense Acquisition Program Administration's counter-drone rapid demonstration project.
Nearthlab expects that once KAiDEN and XAiDEN are incorporated into existing weapons systems, repeated procurement will occur for training, stockpiling, and actual operations. It is a structure in which real-world data secured during operations improves product performance, widening the technology gap with latecomers.
The expansion of defense sales is also leading to improved profitability. As sales from the UAE XAiDEN project were reflected, the company recorded revenue of 16.9 billion won and operating profit of 500 million won on a provisional Q2 basis, achieving a quarterly profit. The company aims to reach its break-even point (BEP) in 2028.
Through this IPO, Nearthlab will offer a total of 910,000 shares. The desired offering price is 30,000 to 41,200 won, putting the offering size at 27.3 billion to 37.5 billion won. The listing underwriter is Samsung Securities, and the offering proceeds will be used to expand research personnel and its own production facilities and mass production system.
