South Korea’s Wrtn raises Series C funding at over $722 million valuation

SEOUL, Aug 26 (Reuters) – South Korean AI services platform Wrtn Technologies said on Wednesday it had raised around 100 billion won ($72.2 million) in a Series C funding round that valued the company at more than 1 trillion won ($722 million).

Here are some details:

• The round brings Wrtn’s total fundraising to about 230 billion won ($166 million), the company said.

• New investors included Coreline Ventures and Eugene Asset Management, alongside existing backers including Goodwater Capital and Korea Development Bank.

• Wrtn said its North American-focused AI entertainment platform OOC surpassed 10 billion won ($7.22 million) in monthly revenue within three months of its May launch.

• Wrtn expects total revenue this year to exceed 200 billion won, compared with 47.1 billion won last year.

• The company said it would use the funding to expand overseas and improve its services.

• It is also preparing tighter safeguards for teenage users of its AI entertainment platform Crack, including time-use limits, stronger parental consent procedures and lower spending caps.

($1 = 1,385.3100 won)

(Reporting by Joyce Lee, Editing by Louise Heavens)