3 days Ago By [email protected](KoreaTimes)
A user searches WRTN's fundraising results on the artificial intelligence platform in this undated promotion image./ Courtesy of WRTN By Nam Hyun-woo Artificial Intelligence (AI) startup WRTN has secured 108 billion won ($73.5 million) in its Series B funding round, the company said Monday, becoming the first startup Korean AI service platform to raise over 100 billion won in investments.
The company said it secured 83 billion won in its recently closed Series B funding round, in addition to the 25 billion won it raised during a pre-Series B round nine months earlier. Series A, B and C funding refer to stages of fundraising that occur before a company goes public through an initial public offering. Each round is typically defined by the company's maturity, the amount of capital being raised and the type of investors involved.
With this Series B funding, WRTN has raised a total of 130 billion won in investments. This is the first case of a Korean AI startup outside of the large-language model and semiconductor sectors to surpass 100 billion won in cumulative funding. The latest funding round was led by new investor Goodwater Capital, a Silicon Valley-based investment firm known for its early investments in South Korean tech firms, including Coupang, Kakao, Toss and Danggeun Market.
Along with Goodwater, existing investors, including BRV Capital Management, Capstone Partners, Woori Venture Partners, Sui Generis Partners, Antler and Z Venture Capital, also participated in the round. “Following the rapid changes in the AI market, the AI service industry targeting various users will meet its prime time,” an official at Goodwater Capital said. “As an innovative company well aligned with this trend, WRTN has been demonstrating strong growth and potential to become a powerful platform.
” WRTN surpassed 5 million monthly active users in October last year, just 22 months after launching its chat-based AI service. This was faster than other popular platform services launched in Korea, including the banking app Toss, which took about 39 months, and secondhand trading app Danggeun Market, which took 24 months. WRTN posted 1 billion won in monthly sales in November 2023 and doubled that figure to 2 billion won in December.
“We will continue to refine our services to make AI more accessible and user-friendly and grow into a pivotal AI platform,” WRTN CEO Lee Se-yeong said..
