South Korea’s Wrtn Technologies Raises $18.3M in Pre-Series B Round

Wrtn Technologies, a South Korea-based artificial intelligence startup, has successfully raised 25 billion won ($18.3 million) in a pre-series B funding round. BRV Capital Management led the funding round and saw participation from BlueRun Ventures and Japan’s LY Corp.

The fresh capital will enable Wrtn Technologies to accelerate its AI development and expand its market presence. 

The funding round for Wrtn Technologies was led by BRV Capital Management, a global growth investment platform based in Hong Kong that focuses on competitive growth-stage companies. Existing investors such as Capstone Partners Inc., Industrial Bank of Korea, and Z Venture Capital also participated. 

Wrtn Technologies, pronounced “written,” was founded in 2021 by Lee Seyoung and five friends. The company has quickly established itself in the AI sector, creating a platform aggregating multiple large-language models, including OpenAI’s ChatGPT4, Stable Diffusion 3, and Anthropic PBC’s Claude 3. This platform has attracted 3.7 million users in Korea and Japan, boosting the company’s profile and user base.

Since launching its AI portal in January 2023, Wrtn Technologies has seen its monthly active users surge from 40,000 to 2.2 million, a growing demand for its consumer-focused AI solutions. 

The latest funding round, which follows a 15 billion won Series A raised in June 2023, will support the company’s expansion and further development of next-gen AI technologies. Wrtn’s growth aligns with Seoul’s ambition to become a leading global AI hub by 2030, leveraging advanced AI technologies and domestic chip utilization.

The company plans to expand its reach to Southeast Asia and the Middle East while maintaining a strategy of offering free services to most users and generating revenue through advertising and premium content. 

With this, the startup plans to make the benefits of AI technology accessible to a broader audience. According to CEO Lee, the company targets teenagers, college students, and young adults, with about 70% of new users being under 30 years old. 

Wrtn Technologies’ recent funding round highlights the growing interest in AI innovations and the potential for market impact. As South Korea aims to become a leading global player in AI by 2030, Wrtn’s progress aligns with the nation’s strategy to develop next-generation AI technologies and utilize domestic semiconductors in cloud resources. 

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