Wrtn Technologies begins selecting IPO underwriter

Wrtn Technologies, a Korean artificial intelligence service platform operator, has begun the process of preparing for an initial public offering (IPO), according to a report on Tuesday. The company, also known as Wrtn in Korea and led by CEO Lee Se-young, has issued requests for proposals to major domestic securities firms with the aim of selecting an IPO underwriter. Wrtn intends to select an underwriter and finalize listing details this month, with an IPO expected to occur sometime after the following year.

Recently, Wrtn raised 100 billion won ($72.8 million) in a Series C funding round, increasing its total funding to approximately 230 billion won. The company's valuation has reached over 1 trillion won, a milestone often used to identify a startup as a unicorn. This makes Wrtn the first Korean AI service startup to achieve such a valuation.

The company attributes its rapid overseas revenue growth, especially in North America, where its AI entertainment content platform, OOC, has generated over 10 billion won in monthly revenue. Additionally, Wrtn is currently preparing a more robust set of youth-protection policies, which will be announced later this month, as part of its overall strategy.