Wrtn Technologies, a South Korean artificial intelligence service platform operator, has begun preparing for an initial public offering.
The company said on the 2nd that it recently sent requests for proposal to major domestic brokerages to select underwriters for the IPO. Wrtn plans to pick underwriters this month and finalize details, targeting a listing after next year.
Wrtn recently raised 100 billion won ($69 million) in a Series C round, becoming the first startup in South Korea's AI services sector to be valued at more than 1 trillion won ($690 million). Coreline Ventures and Eugene Asset Management joined as new investors, while existing backers including Goodwater Capital, Antler Global, Woori Venture Partners, Sui Generis Partners, Korea Development Bank and Capstone Partners also participated. Cumulative funding now stands at about 230 billion won ($159 million).
Analysts say rapid growth in overseas revenue has given the company momentum for the listing. OOC, Wrtn's AI entertainment content platform in North America, has surpassed 10 billion won in monthly revenue and is growing quickly.
Wrtn is preparing to introduce stronger youth protection policies as part of its social responsibility as the business grows and to improve the safety of AI use. Details will be announced this month.
"Over the five years since we were founded, we have established ourselves as a leading AI service company in Korea, and we have proven the global competitiveness of Korean AI services through a valuation of more than 1 trillion won and rapid growth in overseas revenue," said Wrtn CEO Lee Se-young. "Now, on the basis of trust from the capital markets, we will achieve greater growth on a wider global stage, and in that process we will not neglect the task of building AI services that users can rely on safely."
