Wrtn Technologies, an AI startup headquartered in South Korea, has secured 25 billion won ($18.3 million) in a pre-Series B funding round. BRV Capital Management spearheaded the investment, with contributions from BlueRun Ventures and Japan’s LY Corp. This infusion of funds will empower Wrtn Technologies to expedite its AI advancements and broaden its footprint in the market.
BRV Capital Management, a prominent global growth investment platform headquartered in Hong Kong and specializing in competitive growth-stage enterprises, took the lead in the funding round for Wrtn Technologies. Noteworthy participation also came from existing investors including Capstone Partners Inc., Industrial Bank of Korea, and Z Venture Capital.
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.
With a strategy centered on providing free services to the majority of its users and monetizing through advertising and premium content, Wrtn Technologies aims to extend its presence into Southeast Asia and the Middle East. Through this approach, the startup intends to democratize the benefits of AI technology, particularly targeting teenagers, college students, and young adults. CEO Lee noted that approximately 70% of the startup's new users fall below the age of 30.
Wrtn Technologies' recent fundraising underscores the increasing enthusiasm for AI advancements and their potential market influence. Aligned with South Korea's ambition to emerge as a leading force in AI by 2030, Wrtn's advancements mirror the nation's agenda to foster cutting-edge AI technologies and leverage local semiconductor capabilities in cloud infrastructure.