South Korean artificial intelligence firm Wrtn Technologies raised $18.33 million as investors flocked to AI bets and Seoul supported the development of next-generation AI technologies.
Wrtn’s pre-series B fundraising was joined by investors including the corporate venture capital arm of Japan’s LY Corp and the Asian division of Silicon Valley-based venture capital firm BlueRun Ventures, the startup said in a statement.
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Regarding its valuation as of the most recent funding round, Wrtn refuses to say. The financing comes after Series A fundraising totaling 15 billion won was raised in June 2023.
After establishing its AI portal in January 2023, Wrtn, which seeks to make it easier for consumers to use various existing AI models and construct their own services like chatbots, has reached 2.2 million monthly active users as of right now, up from about 40,000 in the first quarter of last year.
According to founder and CEO Seyoung Lee, it drew attention from investors hoping to place a wager on the consumer side of the AI boom, as reported by Reuters.
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Because there are so many AI models available, “the gap between first and second place in each field is closing.” A sizable user-based platform capable of uniting them will emerge, something Wrtn aspires to achieve, according to Lee.
The investment follows South Korea’s announcement in April of its goal to overtake other global players in artificial intelligence (AI) and related semiconductors by 2030. Part of this goal includes supporting the creation of cloud resources utilising indigenous chips and next-generation AI core technologies.
About Wrtn Technologies
The Al startup Wrtn Technologies created “WRTN,” the Al platform with the largest user base in Korea, as of 2023. WRTN speeds up the era of AGI by facilitating simple and convenient Al use in daily life.
