(Seoul=Yonhap Infomax) Yong Bi Yang = MakinaRocks, an industrial artificial intelligence (AI) company backed by Hyundai Motor Co., SK Telecom Co., and Naver Corp., has launched a renewed bid for a KOSDAQ listing. The company filed a preliminary application for listing review on November 17, marking its second attempt after voluntarily withdrawing its IPO plans about a year ago.


The move has heightened expectations for an exit among both strategic investors (SIs) such as Hyundai Motor, SK Telecom, and GS Group, as well as financial investors (FIs) including Samsung Securities Co., Shinhan Investment Corp., and HB Investment.


According to industry sources on the 25th, MakinaRocks submitted its preliminary KOSDAQ listing application to the Korea Exchange on November 17. This is the company’s second attempt at going public. Last year, MakinaRocks pursued a technology-special listing but withdrew after waiting five months for the review, a decision influenced by the Korea Exchange tightening requirements following the Padu incident.


For its renewed IPO push, MakinaRocks switched its lead underwriter from Samsung Securities to Mirae Asset Securities Co. earlier this year and reorganized its listing strategy. The company also gained greater external recognition after being selected as part of the national AI elite team through the Upstage consortium in 2023.


Founded in 2017, MakinaRocks specializes in industrial AI and offers its proprietary ‘Runway’ platform, which enables the easy development and deployment of AI models across various industries.


The company has raised a cumulative 50 billion won ($38 million) in funding. Its strategic investors include SK Telecom, Hyundai Motor, Naver, and LG Technology Ventures. Financial investors such as Korea Development Bank, HB Investment, Almas Investment, Samsung Securities, and Shinhan Investment are also on the shareholder roster. Applied Ventures, the venture capital arm of US-based Applied Materials Inc., has also invested.


SK Telecom and Naver, both early investors, hold significant stakes in MakinaRocks, with SK Telecom owning 7.77% and Naver 4.31% of common shares. Korea Development Bank and Applied Ventures hold 4.81% and 3.56%, respectively.


“At the time of MakinaRocks’ initial funding, there was strong trust in CEO Yoon Sung-ho, a former SK Telecom data engineer, which attracted major conglomerates,” said an industry official. “Most SIs, including Hyundai Motor, SK Telecom, and Naver, have held onto their shares and are accompanying the company through to the IPO.”


With MakinaRocks now entering the first stage of its IPO process, the exit clock for investors has started ticking, particularly for FIs such as Samsung Securities, Shinhan Investment, HB Investment, Almas Investment, and Daesung Startup Investment.


HB Investment, for example, has invested a total of 5 billion won ($3.8 million) across four funds since Series A, and continued to back MakinaRocks even after its IPO withdrawal last year, demonstrating confidence in the company.


If MakinaRocks passes the preliminary review and subsequent procedures proceed as planned, the company is expected to debut on the KOSDAQ in the first half of next year.



ybyang@yna.co.kr


(End)

All content has been translated by AI.
Copyright © Yonhap Infomax Unauthorized reproduction and redistribution prohibited.