NHN Cloud, a cloud-focused company established as an independent company in April 2022, has secured a KRW 150 billion ($122 million) investment from SPC, which established IMM Investment.
This is the first investment for NHN Cloud since it became an independent company.
The share of SPC by IMM Investment is 15%, and the enterprise value of NHN Cloud is KRW 1 trillion ($810 million).
IMM Investment, a leading alternative investment firm in Korea, has in the past discovered promising companies such as Musinsa, Woowa Brothers, Krafton, and Bucket Place (oHouse) in their early stages.
IMM Investment has KRW 7 trillion ($5.7 billion) in assets under management in the infrastructure investment sector.
NHN Cloud plans to use the investment to strengthen its technology R&D in the cloud, AI, and XaaS, maintain a leading position in the public market, expand into the private market, and grow its global business.
The company plans to expand its business with full-fledged cloud data centers in regional locations.
NHN Cloud has customers in various sectors, such as the public sector, finance, and IT /games.
The company has also secured OpenStack cloud capabilities, recognized by global technology foundations such as the OpenInfra Foundation, the Linux Foundation, and the CNCF (Cloud Native Computing Foundation).
With a 39% share of public cloud conversion project orders last year, NHN Cloud aims to continue its revenue growth, become the second largest player in the public cloud conversion market, and increase its enterprise value by discovering future growth drivers in the domestic cloud market.