Wrtn Technologies begins selecting IPO underwriter

The corporate logo of generative artificial intelligence startup Wrtn Technologies / Courtesy of Wrtn Technologies

Wrtn Technologies, a Korean artificial intelligence (AI) service platform operator, said Tuesday it has begun preparing for an initial public offering (IPO), sending requests for proposals to major domestic securities firms to select an IPO underwriter.

The company, known in Korea as Wrtn and led by CEO Lee Se-young, said it aims to select an underwriter and finalize listing details this month, with an IPO targeted for some time after next year.

Wrtn recently raised 100 billion won ($72.8 million) in a Series C funding round, bringing its total funding to roughly 230 billion won, and said it has been valued at more than 1 trillion won — a threshold commonly used to designate a startup as a "unicorn" — becoming the first Korean AI service startup to reach that valuation. The company credited rapid overseas revenue growth, particularly in North America, where OOC, its AI entertainment content platform, has surpassed 10 billion won in monthly revenue.

Wrtn also said it is preparing a strengthened set of youth-protection policies, to be detailed later this month, as part of what it described as a broader effort to ensure the safety of its AI services as the company grows.

"Over the five years since our founding, we have established ourselves as a leading AI service company in Korea, and our valuation of more than 1 trillion won and rapid overseas revenue growth have proven the global competitiveness of Korean AI services," Lee said, according to the company.

"Now, building on the trust of capital markets, we will pursue greater growth on the world stage, while making sure we do not neglect building AI services that users can safely trust."

Founded in 2021, Wrtn operates a generative AI platform used for tasks such as writing and search, and has expanded into AI-driven entertainment content overseas.

This article was published with the assistance of generative AI and edited by The Korea Times.