MegazoneCloud Secures Investment From Neowiz Partners, Accelerating IPO Preparations
TECHWORLD ·
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MegazoneCloud has secured new investment from Neowiz Partners during its IPO preparation process.
The deal is a pre-IPO acquisition of common shares, and the investment amount and stake have not been disclosed.
MegazoneCloud plans to deploy the funds into new growth areas such as AI and security while continuing IPO preparations.
MegazoneCloud has secured new investment from Neowiz Partners while pursuing an IPO. MegazoneCloud announced on the 1st that it had signed an investment agreement with Neowiz Partners, and the funding round took place during the company’s IPO preparation process. MegazoneCloud also said it would speed up preparations for the IPO.
Neowiz Partners is an investment-focused subsidiary of Neowiz Holdings. The latest investment was made as a pre-IPO deal for MegazoneCloud. The transaction involved Neowiz Partners acquiring common shares without any special conditions.
The exact investment amount and stake have not been disclosed. MegazoneCloud plans to use the funds it raised in new growth areas such as AI and security. The company is also pushing to expand its AI and security businesses.
MegazoneCloud is expanding its cloud-based AI strategy planning business, and it is also growing its data construction business, infrastructure modernization business, and AI model and agent development and operations business. The company plans to further strengthen these areas based on the latest investment.
MegazoneCloud previously raised KRW 48 billion in Series A in 2019. It then secured KRW 190 billion through Series B financing in 2020 and 2021.
In 2022, MegazoneCloud received KRW 130 billion in investment through KT's participation as a strategic investor (SI), and it also secured a KRW 450 billion Series C round that same year. The company later turned an annual profit for the first time since its founding last year.
After that, MegazoneCloud worked on cleaning up its ownership structure. Its parent company, Megazone, raised KRW 800 billion from Glenwood Credit in June this year and acquired the MegazoneCloud stake held by an existing financial investor (FI).
Following the acquisition, Megazone's stake rose to 72%. Based on the new investment and the restructuring of its ownership structure, MegazoneCloud plans to continue preparing for an IPO while focusing on strengthening its AI and cloud business competitiveness.
MegazoneCloud CEO Yeom Dong-hoon said the latest investment means the company has been recognized for its business growth potential and future value. He added that the company will continue efforts to strengthen its fundamentals to accelerate shared growth with investors.
Kim Sang-wook, CEO of Neowiz Partners, said he highly valued MegazoneCloud's AI and cloud business competitiveness and also saw strong growth potential in the AX sector, and that he made the investment decision based on that assessment. He added that even after the investment, the company intends to support MegazoneCloud so its listing can proceed successfully.
Source: TECHWORLD · Kim Seung-gi
Original: https://www.epnc.co.kr/news/articleView.html?idxno=406344
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Source: TECHWORLD
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