Bitnine Issues 28 Billion KRW Convertible Bonds to Expand New Relational DB Business

[Asia Economy Reporter Hyungsoo Park] Bitnine, a graph database (DB) specialist company, is raising 28 billion KRW to expand its new business areas centered on ‘Apache AGE.’ Apache AGE is a project promoted to ‘Top Level’ by the Apache Software Foundation (ASF), the world’s largest open-source nonprofit foundation.

Bitnine announced on the 6th that it will issue the second tranche of 28 billion KRW in anonymous, interest-bearing, unsecured private convertible bonds (CB). Six institutional investors, including Timefolio Asset Management, JB Asset Management, and NH Hedge Asset Management, are investing.

The nominal interest rate and maturity interest rate are 0% and 3.5%, respectively, with the payment date set for the 8th. The raised funds will be used for operating expenses and acquisition of securities of other corporations. The funds will be used to actively promote overseas business for Apache AGE and to pursue new relational DB (RDB) business.

A Bitnine official said, "Apache AGE has encountered the optimal opportunity to expand overseas business," adding, "The raised funds will be used as investment resources for full-scale overseas market entry and expansion of new business areas."

Apache AGE is an extension program that allows the use of graph DB within existing relational (PostgreSQL) DBs. It is the only graph DB project among Apache projects and has succeeded in building a global developer community. It was promoted to an ‘Apache Top Level Project (TLP)’ in May.

Bitnine plans to establish R&D bases in more than 10 locations worldwide, including North America and Europe. By activating the global developer community of Apache AGE, it will pursue overseas business with a low-cost, high-efficiency strategy utilizing collective intelligence.

The company will expand the market based on the new relational DB product ‘AgensSQL’ and PostgreSQL services. In line with the trend of de-Oracle and open-source software, it plans to rapidly expand its business through M&A with domestic open-source and DB specialist companies.

An official said, "We will grow into the world’s only graph DB company applicable to all relational DBs worldwide," adding, "We will also introduce new services based on graph technology and make strategic investments in new growth industries."

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