AI Platform Company ACRYL Sets IPO in Motion with Stable Revenue and Improved Financial Structure
ACRYL Inc., a software company specializing in AI technologies, is preparing for its listing on the KOSDAQ market. Pursuing a listing via the tech-special track, ACRYL has shown steady revenue growth in recent years while continuing to strengthen its technological competitiveness in the AI sector.
According to the investment banking industry on May 28, ACRYL submitted its preliminary IPO application to the Korea Exchange on May 9. Shinhan Investment Corp. is acting as the lead underwriter.
Founded in 2011, ACRYL was the first in Korea to commercialize emotion computing technology. Since then, it has expanded into natural language processing (NLP), deep learning, large language models (LLMs), and machine learning operations (MLOps)—building robust AI infrastructure capabilities. In particular, ACRYL’s NADIA platform provides Agentic AI-based solutions for the domestic and global healthcare markets.
ACRYL has recorded stable annual revenue exceeding KRW 10 billion for three consecutive years. In 2024, the company posted KRW 13.4 billion in revenue, following a strong performance of nearly KRW 15 billion in 2023—rare consistency for a tech-special AI company.
A company representative noted, “Among unlisted AI companies on the tech-special track, those generating over KRW 10 billion in annual revenue are extremely rare. This IPO has been more than three years in the making and follows a deliberate roadmap.”
While there had previously been concerns over capital erosion, those issues have now been fully resolved.
A Shinhan Investment official stated, “As of the end of 2024, ACRYL was temporarily in capital impairment due to KRW 15.5 billion in redeemable convertible preferred shares (RCPS) and KRW 9 billion in derivative liabilities. However, by May 2025, the RCPS were fully converted to common shares, eliminating the liabilities. ACRYL is no longer in a capital-deficient state and is operating under a sound financial structure.” The official added, “It is not uncommon for tech-focused companies to undergo similar structural phases during the listing process, and ACRYL is steadily improving its financial profile.”
Through this IPO, ACRYL plans to list 7,209,042 shares, of which 1.44 million will be offered to the public. The proceeds will be used to enhance its core AI technologies, strengthen its recurring B2B revenue model, and expand its global healthcare AI business.
ACRYL’s business revolves around two flagship platforms: JONATHAN and NADIA.
JONATHAN is an MLOps platform that manages the full AI lifecycle—from model development to deployment, operation, and maintenance.
NADIA is a healthcare AI solution that integrates AI into electronic medical records (EMRs) and hospital information systems (HIS) to improve clinical efficiency, automate analysis, and streamline administrative tasks.
Both platforms have been commercialized and implemented across hospitals and institutions in real-world B2B settings.
ACRYL stated, “AI infrastructure capable of reliably applying and maintaining AI in live services is still in its early stages. We aim to build a recurring revenue model centered around the MLOps ecosystem.” The company believes that as it continues to focus on technological advancement, its revenue structure will stabilize accordingly.
ACRYL’s technological credibility is already recognized both domestically and globally. It is one of only six companies selected for five consecutive years in the “Emerging AI+X Top 100” by the Korea Artificial Intelligence Industry Association (AIIA)—an evaluation that considers stability, market potential, future value, and innovation. The company has also secured investments from major conglomerates like LG and SK, establishing a strong external capital base.
With the rapid expansion of the AI sector and growing interest in tech-special IPOs, ACRYL is emerging as a promising company with strong technology, market potential, and an improved financial foundation. The outcome of its listing review and the market’s response will determine whether this IPO serves as a launchpad for a sustainable AI business model and global expansion strategy.
Source: DealSite Economy TV (https://news.dealsitetv.com/articles/155023)