Nota AI, a prominent 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 milestone brings the total investment raised since its inception in 2015 to approximately $42.6 million (53.2 billion KRW).
The funding round was spearheaded by STIC Ventures and LB Investment, with new investments from the Korea Development Bank and Mirae Asset Securities. Existing investors Stonebridge Ventures, InterVest, and DS Investment Partners also contributed additional funds. A strategic AI semiconductor corporate venture capital (CVC) firm joined as a new investor, underscoring the strong market confidence in Nota AI’s potential.
Founded in 2015, Nota AI has specialized in edge and on-device generative AI technology, quickly gaining recognition with early investments from Naver D2SF. The company has since expanded its customer base both domestically and internationally, securing continuous investments and building a robust network of strategic partners.
Strategic Plans with New Funding
With the fresh influx of capital, Nota AI plans to recruit top-tier AI optimization talent and enhance collaborations with global AI semiconductor companies. The company is already engaged in significant contracts to provide generative AI optimization technology to leading semiconductor firms. This strategic expansion aims to broaden the applications of their high-performance AI model optimization technology across various industries, including robotics and mobility.
Nota AI intends to file for an initial public offering (IPO) early next year, with Mirae Asset Securities as the lead underwriter. This move indicates strong preparation for a stable and successful listing, with Mirae Asset Securities expressing high expectations for Nota AI’s market performance.
Myungsu Chae, CEO of Nota AI, highlighted the company’s impressive growth trajectory: “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. This investment will enable us to pursue strategic collaborations and expand our overseas business, establishing Nota AI as a global leader in on-device AI.”
Jae Won Do, Director at STIC Ventures, expressed confidence in Nota AI’s potential: “Nota AI is evaluated as a company that can popularize evolving and sophisticated AI models across various devices. 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, enabling AI models to run directly on devices. The company has forged official partnerships with global tech leaders such as NVIDIA, ARM, Intel, STMicroelectronics, and Renesas, maintaining close collaborations to drive innovation and technological advancement.
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