Wrtn Technologies Raises ₩100 Billion Series C, Becoming South Korea’s First AI Service Startup Unicorn — BigGo Finance

South Korea’s AI service platform company Wrtn Technologies has secured a ₩100 billion (approximately $72.2 million) Series C investment, earning a valuation above ₩1 trillion (approximately $721.9 million). This marks the first time a South Korean AI startup that has grown through consumer-facing services—rather than foundational technologies like AI models or semiconductors—has joined the unicorn ranks.

The round saw U.S.-based venture capital firm Coreline Ventures and Eugene Asset Management join as new investors, with existing backers Goodwater Capital, Antler Global, Woori Venture Partners, Sui Generis Partners, Korea Development Bank, and Capstone Partners also participating. Cumulative funding raised now stands at approximately ₩230 billion (approximately $166.0 million).

Coreline Ventures is a venture capital firm with offices in Menlo Park, Silicon Valley, and Tokyo, investing in promising companies across South Korea, the United States, and Japan in consumer and B2B technology sectors. Its key portfolio includes Kakao and Ensemble Stars.

Osuke Honda, co-founder and partner at Coreline Ventures who led the investment, explained the rationale: “Wrtn’s platform is leading the consumer AI movement where AI is fundamentally transforming how humans create, communicate, and spend time online. We have strong conviction in its exceptional growth trajectory, rapid monetization, and the ecosystem impact it is already generating in South Korea, Japan, and the United States, as well as its future growth opportunities.”

Unicorn Status Achieved Through AI Service Monetization

Wrtn Technologies began operations in 2021 as a writing assistance tool and now operates “Wrtn,” a general-purpose AI service encompassing search, conversation, document writing, image generation, and character-based chat. The character chat service “Crack” was spun off as a standalone app in April last year and has rapidly gained users, establishing itself as a core revenue driver. “Carafu,” targeting the Japanese market, is also part of the service portfolio.

“OOC,” an AI entertainment content platform launched in North America in May, surpassed ₩10 billion (approximately $7.2 million) in monthly revenue within three months of launch, with overseas revenue now exceeding domestic revenue. Driven by this international growth momentum, total revenue for this year is projected to exceed ₩200 billion (approximately $144.4 million), up from ₩47.1 billion last year.

Industry observers note that this unicorn milestone reflects a broader shift in the AI industry’s center of gravity from technology development toward services and monetization. As AI evolves beyond a question-answering tool into services that converse and build emotional connections, the AI companion market is growing rapidly.

According to market research firm Sensor Tower, in-app purchase revenue for AI companion apps reached $150 million (approximately ₩210 billion) in the first quarter of 2026, a more than 12-fold increase compared to the first quarter of 2023. What was initially considered a niche market has grown into an independent sector, with diverse monetization models including subscriptions and virtual gifts now well established.

Notably, the AI companion market has shown faster revenue growth than user growth. Analysts interpret this as demand for emotional connection and immersive experiences translating directly into paid consumption. The United States accounts for approximately 45% of total revenue, while revenue growth rates in South Korea, China, Japan, Germany, and the United Kingdom all exceeded 200%.

Strengthening User Protection and Safety Alongside Expansion

Alongside business expansion, Wrtn Technologies is also focusing on user protection and enhancing safety and trustworthiness. With teenage users accounting for approximately 10% of Crack’s user base, the company aims to create a safer AI usage environment.

Last month, the company officially launched a “User Committee” composed of experts in AI ethics and philosophy, cognitive psychology, and law. It has also participated in the development of the “AI Character Chatbot Service Self-Regulation Guidelines” being promoted by the Korea Internet Self-governance Organization (KISO).

The company is also preparing to introduce enhanced youth protection policies. Crack is reviewing the adoption of stronger protective measures, including usage time limits, strengthened parental consent procedures, and lower payment caps. Wrtn Technologies plans to make a comprehensive announcement once the plans are finalized.

Lee Se-young, CEO of Wrtn Technologies, said, “Over the past five years since our founding, we have established ourselves as South Korea’s leading AI service company and proven our global competitiveness, which enabled us to successfully complete this funding round. We will focus on global expansion and service enhancement to meet market expectations, and continue to grow even faster as a safe and trustworthy AI service company.”