Kakao Enterprise Secures 100 Billion KRW Investment from Korea Development Bank... Corporate Valuation Reaches 1 Trillion KRW

Photo by Baek Sang-yeop, CEO of Kakao Enterprise

[Asia Economy Reporter Buaeri] Kakao Enterprise announced on the 6th that it has attracted an investment of 100 billion KRW from the Korea Development Bank. Kakao Enterprise was recognized with a corporate value exceeding 1 trillion KRW within one year of its launch.

The investment from the Korea Development Bank is the largest scale-up investment (large-scale investment in high-growth innovative companies) since the bank's establishment.

Kakao Enterprise is an enterprise IT platform company based on artificial intelligence (AI) technology. It provides business services that combine Kakao's service operation know-how and AI technology, including the comprehensive work platform Kakao Work and the integrated cloud service Kakao i Cloud.

Prior to the investment, the Korea Development Bank conducted a preliminary technology evaluation of Kakao Enterprise and awarded it the highest grade. The bank highly evaluated its technological capabilities, growth potential, and digital transformation support capabilities.

Kakao Enterprise plans to use the investment funds to advance its core businesses such as Kakao Work and Kakao i Cloud, and to invest in technology for entering new business areas.

Since its launch in December 2019, Kakao Enterprise has signed 16 memorandums of understanding (MOUs) with corporate partners including the Korean Intellectual Property Office, NH Investment & Securities, Everland, Kyobo Life Insurance, KBS, and Commax over the past year. Based on this, it supports digital transformation in various industries such as home appliances, culture, leisure, healthcare, finance, and logistics, expanding its corporate business areas. The work platform 'Kakao Work,' launched in September last year, surpassed 100,000 workspace openings within three months of its release.

Kakao Enterprise is preparing to enter various IT infrastructure markets this year. In particular, the cloud solution platform 'Kakao i Cloud' is scheduled for official launch in the first half of this year.

Lee Dong-gul, Chairman of the Korea Development Bank, said, "This is the largest scale-up investment by the bank in domestic innovative companies and signifies the fostering of innovative industries through domestic capital." He added, "We expect it to provide fresh stimulation to the domestic venture ecosystem."

Baek Sang-yeop, CEO of Kakao Enterprise, stated, "Using Kakao Enterprise's innovative DNA and IT technology, we will become a company leading digital transformation across all domestic industries." He expressed his ambition, saying, "Together with an advanced AI engine and world-class talented professionals, we will build an AI platform ecosystem representing the Republic of Korea."

This content was produced with the assistance of AI translation services.