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South Korean AI Startup Wrtn Technologies Raises $18.3 Million
Wrtn Technologies Inc., a South Korean artificial intelligence startup, has secured 25 billion won ($18.3 million) in a recent funding round spearheaded by BRV Capital Management. Additional participation came from existing investors such as Capstone Partners Inc., Industrial Bank of Korea, and Z Venture Capital.
Expansion and Growth
Founded in 2021, Wrtn, pronounced "written," has developed an AI platform that caters to 3.7 million users in Korea and Japan. Leveraging multiple large-language models, including OpenAI Inc.’s ChatGPT4, Stable Diffusion 3, and Anthropic PBC’s Claude 3, Wrtn has rapidly gained traction. CEO Lee Seyoung announced that the company is eyeing expansion into Southeast Asia and the Middle East in the near future.
Revenue Model
The startup intends to keep its service free for the majority of users. Instead, it plans to monetize through advertising and premium content. “That way, the benefits of the technology will be accessible to more people,” Lee explained. This approach aims to make cutting-edge AI technology widely available while creating a sustainable revenue stream.
Target Audience
Wrtn’s primary focus is on teenagers, college students, and young adults in their 20s. About 70% of new users fall under the age of 30. “We will establish ourselves firmly in this segment this year and continue to expand,” Lee stated.
Conclusion
Wrtn Technologies is well-positioned for growth and expansion, thanks to substantial new funding and a clear focus on a young, tech-savvy audience. The company’s strategy of providing free services while monetizing through ads and premium content could enable it to reach a broader user base.
