Acryl Inc., a leading AI platform company, is preparing for its initial public offering (IPO) on the KOSDAQ market, drawing significant interest from investors due to its strong technological capabilities and rapid business expansion. The growing momentum in the AI industry, where Acryl operates, further adds to the positive outlook.
According to investment banking industry sources on April 25, Acryl plans to soon submit its preliminary application for KOSDAQ listing to the Korea Exchange. Considering that the review process typically takes two to three months, the listing approval outcome is expected to become clearer in the second half of the year. The company’s public offering plans may be adjusted depending on market conditions. Shinhan Investment Corp. is serving as the lead underwriter.
Founded in 2011, Acryl provides Machine Learning Operations (MLOps) solutions that enable efficient use of AI across various industries. Its flagship platform, JONATHAN, supports infrastructure management and workflow automation, helping businesses and institutions develop and operate AI without the need for specialized developers.
Typically, Remote Direct Memory Access (RDMA) technology is required for data transmission over networks. While RDMA shows strong performance in single GPU communication, it has vulnerabilities such as reduced efficiency and security risks in multi-tenant environments. Acryl’s JONATHAN overcomes these challenges by virtualizing multiple GPU servers, significantly enhancing speed and stability through advanced multi-acceleration technology.
Acryl has also introduced its healthcare AI platform NADIA and its proprietary large language model (LLM) A-LLM. The company has built a strong portfolio with both private and public sector clients, including KB Insurance, Samsung Medical Center, and the Ministry of Unification. Recognizing Acryl's potential, SK Group and LG Electronics made strategic investments of KRW 2.5 billion and KRW 2 billion respectively in 2018. Woori Bank and Hanwha Investment & Securities (through their ESG fund) are also among Acryl's shareholders.
As more organizations pursue AI adoption, operational capabilities are becoming increasingly crucial. Companies are building customized AI models utilizing open-source LLMs, and demand for comprehensive solutions like JONATHAN is expected to rise. Reflecting its competitiveness, Acryl achieved sales of over KRW 10 billion (approximately USD 7.5 million) for two consecutive years (2023 and 2024).
Market expectations suggest that Acryl’s corporate valuation could exceed KRW 100 billion (approximately USD 75 million). Based on the issue price of its redeemable convertible preferred shares (RCPS) at KRW 16,000 and the current total number of shares (5,769,042), the company’s valuation is already estimated to be in the KRW 90 billion range. Comparatively, SimPlatform, another industrial AI service provider, achieved a market capitalization of KRW 92 billion at IPO despite lower revenues.
Meanwhile, AI big data analytics company NeuN.AI is aiming for a maximum market cap of KRW 133.2 billion, having recorded revenues of KRW 19 billion last year. Other AI platform companies like Neurophet and Nota are also pursuing IPOs. Acryl plans to fine-tune its public offering strategy while observing the market sentiment towards peer companies.
There is also optimism about potential government policy support. The South Korean government recently proposed allocating KRW 1.8 trillion for AI-related initiatives through an additional budget. If the supplementary budget passes, the total AI budget for the year will reach KRW 3.6 trillion. Furthermore, major presidential candidates are pledging to prioritize AI industry development. Stocks of listed AI-related companies are already showing upward momentum.
An IB industry insider commented, “As AI adoption accelerates across industries, startups with core AI technologies are experiencing strong revenue growth. With the government strengthening support for the AI sector to align with industry trends, the growth potential for companies like Acryl is expected to increase even further.”
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