NEWS PROVIDED BYNota AI
Jun 18, 2024, 09:00 ET
- Cumulative funding reaches approximately $42.6 million since inception, solidifying Nota AI’s position as Korea’s leading on-device AI innovator
- IPO preparations for 2025 are underway with strong backing from lead underwriter
- Participation from global AI semiconductor CVC and major AI semiconductor company as strategic investors
SEOUL, South Korea, June 18, 2024 /PRNewswire/ — Nota AI, a leading South Korean startup specializing in AI optimization and lightweighting technology, has successfully raised $19.9 million (25.8 billion KRW) in its Series C funding round. This brings the total investment raised since its founding to approximately $42.6 million (53.2 billion KRW). The round was led by STIC Ventures and LB Investment, with new investments from STIC Ventures, Korea Development Bank, and Mirae Asset Securities. Existing investors Stonebridge Ventures, LB Investment, InterVest, and DS Investment Partners also contributed additional funds, alongside a key AI semiconductor CVC participating as a strategic investor.
Founded in 2015, Nota AI specializes in edge and on-device generative AI technology. Early recognition of its potential came with initial investments from Naver D2SF. Since then, Nota AI has rapidly expanded its customer base both domestically and internationally, securing continuous investments from Stonebridge Ventures and LB Investment.
Leveraging this new funding, Nota AI plans to actively recruit top AI optimization talent and enhance collaborations with global AI semiconductor companies to expand its business. Nota AI is already engaged in significant contracts to provide generative AI optimization technology to leading AI semiconductor firms.
Looking ahead, Nota AI aims to extend its high-performance generative AI model optimization technology to various industries such as robotics and mobility, allowing broader applications of generative AI in daily life. Additionally, Nota AI plans to strengthen AI optimization technology collaborations with strategic investors targeting AI semiconductors.
Nota AI intends to file for an IPO early next year, with Mirae Asset Securities as the lead underwriter, indicating strong preparation for a stable listing. Mirae Asset Securities, participating in this investment round, has expressed high expectations for Nota AI’s successful IPO.
Myungsu Chae, CEO of Nota AI, stated, “Our sales for the first half of this year are expected to exceed the total sales of 2023, and we anticipate a 300% increase in sales for 2024 compared to the previous year. With this investment, we will actively pursue strategic collaborations with partners and expand our overseas business to establish ourselves as a global leader in on-device AI.”
Jae Won Do, Director at STIC Ventures, who led this investment round, commented, “Nota AI is evaluated as a company that can popularize evolving and sophisticated AI models across various devices. We expect that, alongside big tech companies like NVIDIA and ARM, Nota AI will play a key role in the spread of on-device AI.”
Nota AI’s platform, ‘NetsPresso,’ optimizes AI models for device compatibility, allowing AI models to run directly on the device. Nota AI has established official partnerships with global tech companies such as NVIDIA, ARM, Intel, STMicroelectronics, and Renesas, maintaining close collaborations.
SOURCE Nota AI