South Korean AI startup Wrtn Technologies has begun preparations for an initial public offering, seeking capital to accelerate its overseas expansion after rapid growth in North America.
Wrtn recently sent requests for proposals to major Korean securities firms to select lead underwriters, the company said Tuesday. It plans to appoint IPO advisers this month and map out the listing process, with a market debut targeted for 2028 or later.
The preparations follow a 100 billion won ($73 million) Series C funding round that valued Wrtn at more than 1 trillion won. The company has raised about 230 billion won since its founding.
Wrtn said the funding made it the first Korean AI service startup to achieve a valuation above 1 trillion won, driven largely by its expansion abroad.
At the center of that growth is OOC, an AI entertainment content platform targeting North American users. Its monthly revenue surpassed 10 billion won within three months of launch, helping Wrtn’s overseas sales overtake domestic revenue.
Wrtn generated 47.1 billion won in revenue in 2025, up 1,432.9 percent from a year earlier, according to its first externally audited financial statements since its establishment five years ago.
The company remained in the red as aggressive expansion drove up costs. Operating expenses more than tripled to 105.9 billion won, widening its operating loss by 95.1 percent to 58.8 billion won.
Advertising and promotional spending reached 29.4 billion won as Wrtn invested heavily in user acquisition and market expansion.
The company expects annual revenue to exceed 200 billion won this year, supported by continued overseas growth and a larger contribution from OOC.
Wrtn is also preparing stronger safeguards for younger users as it seeks to improve AI safety and promote responsible use of its services. Details are expected to be announced this month.
“Over the five years since our founding, we have established ourselves as one of Korea’s leading AI service companies,” CEO Lee Se-young said. “We will continue expanding globally while ensuring that our services remain safe and trustworthy.”
By Jie Ye-eun (yeeun@heraldcorp.com)
