Wrtn Technologies begins selecting IPO underwriter

Wrtn Technologies, a leading Korean artificial intelligence (AI) service platform, has announced it is moving forward with plans for an initial public offering (IPO), according to a report on Tuesday. The company, operated by CEO Lee Se-young and widely known as Wrtn, is currently seeking proposals from major domestic securities firms to serve as its underwriter for the IPO.

Wrtn aims to select an underwriter and finalize listing specifics within the present month, with an intended IPO date scheduled for sometime after the conclusion of the year. Recently, Wrtn successfully secured a 100 billion won ($72.8 million) funding round during its Series C, raising its total capitalization to approximately 230 billion won.

The startup has been evaluated at over 1 trillion won, a significant milestone that classifies it as a unicorn, making Wrtn the first Korean AI service startup to achieve such a valuation. The growth of Wrtn's overseas revenue, especially in North America, where its AI-driven entertainment platform OOC has reached a monthly revenue of over 10 billion won, has played a crucial role in this valuation.

Additionally, Wrtn is currently preparing to implement enhanced youth protection policies, which will be disclosed later this month, as part of their overall strategy to address concerns and further solidify their position in the industry.