Seoul, South Korea - Crowdworks (KOSDAQ: 355390) is set to go public on the KOSDAQ market through a special purpose acquisition company (SPAC) merger.
Why It Matters:
It is the first Korean AI learning data platform company to accomplish this just 6.4 years after its inception, dramatically outpacing the average 14.3 years it usually takes for new companies to get listed on the KOSDAQ.
The Key Points
- Established in 2017, Crowdworks secured seed funding from Naver D2SF merely four months post-launch. The rapid capital infusion propelled a working relationship with over 50 Naver teams. Crowdworks is a crucial partner for Naver, aiding in the data collection required for AI services like Hyper ClovaX.
- It has attracted a customer base of more than 430 companies in diverse sectors, including Kakao, Samsung Electronics, KT, and KB Bank. Notably, 70% of the KOSPI's top 30 companies by market capitalization are clients of Crowdworks.
- According to the firm's internal Q1 financials, Crowdworks recorded approximately KRW 6.8 billion in revenue and KRW 1 billion in operating income. These figures represent a staggering 242% year-on-year revenue increase and a quarterly turnaround.
- In the following years, Crowdworks expanded its financial backing, securing additional funding from DSC Investments.
The Big Picture
Earlier this year, Crowdworks initiated an aggressive global market expansion, participating in CES, the world’s largest IT exhibition, and Viva Technology, Europe's biggest startup fair.
Gartner’s Hype Cycle reports have included the company as a sample vendor for the second consecutive year, signaling its increasing influence in the tech sphere.
Minu Park, the CEO of Crowdworks, stated, "With our listing on the KOSDAQ market, we aim to become a leader in the global AI training data market."
This statement could soon be a reality, given its track record and recent financial performance.
As it transitions into a publicly traded entity, it offers investors and tech strategists a case study in navigating the ever-evolving landscape of AI and data analytics.