Xenon submitted a preliminary listing review application to the Korea Exchange for the KOSDAQ market on the 23rd, the company said on the 24th. Samsung Securities is the lead underwriter for the listing.
Founded in 2017, Xenon started as an artificial intelligence (AI) consulting firm and now provides full-cycle services ranging from defining client problems and establishing AI strategies to development, adoption, operation, and maintenance. Building on experience gained from solving challenges across various industries, the company has expanded its business into enterprise generative AI platforms, AI agents, and workflow automation solutions.
Xenon's flagship business is Xenos, an integrated generative AI platform for enterprises. Xenos provides the functions needed for adopting, operating, and scaling generative AI—including large language model operations (LLMOps), retrieval-augmented generation (RAG), and AI service development—within a single environment. Xenon has secured a track record of platform adoption among numerous financial institutions and is expanding its platform business into sectors such as energy and pharmaceuticals and biotechnology.
The technology and know-how acquired through various AI projects have led to the accumulation of intellectual property rights and strengthened the company's own platform business capabilities. Xenon holds six patents related to generative AI and large language models (LLM), and based on these, it is increasing the share of platform license revenue.
Xenon recorded revenue of 11.74 billion won last year, a 36% increase over the previous year. Revenue in the first half of this year nearly tripled compared with the first half of last year. The company also succeeded in posting operating profit for two consecutive years, with 1.02 billion won in 2024 and 700 million won last year. As a result, Xenon is pursuing its KOSDAQ entry through a standard IPO rather than a technology special listing.
"Xenon has developed the problem-solving experience accumulated across various industries into its own platform, generative AI, and AI agent technologies," said Ko Suk-tae, CEO of Xenon.
