Naver-backed AI startup Crowdworks to go public

Press Releases

Aug 31, 2023

SEOUL, South Korea, Aug. 31, 2023 /PRNewswire/ — On August 31st, Crowdworks will be listed on the Korean KOSDAQ market via SPAC merger, marking a significant milestone as the first AI training data platform company to achieve this in Korea. The company achieved this feat just 6.4 years after its inception, outperforming the 14.3-year average for new KOSDAQ listings.

Since its founding in 2017, Crowdworks has been at the forefront of providing AI training data solutions through its ethical crowdsourcing approach. Within a remarkably short span of three months from its establishment, the company secured seed investment from Naver, the largest IT conglomerate in Korea, and rapidly grew by attracting other investments from various institutions, including DSC Investment.

Crowdworks provided customized AI data services to more than 430 clients across various industries such as IBM, Uber, Delivery Hero, Samsung, LG, Hyundai Motors, for their AI model development. Notably, the company serves as the chosen partner for 70% of the Top 30 companies in the KOSPI stock market. Noteworthy among its recent accomplishments, Crowdworks played a pivotal role as an official partner in constructing data for the development of Naver HyperCLOVA X, Naver’s cutting-edge next-generation LLM.

Throughout the current year, Crowdworks has advanced its global outreach by actively engaging in esteemed international tech events such as CES 2023 and VivaTech 2023, underlining its resolute determination to transcend national confines. Furthermore, for the second consecutive year, the company finds itself listed as a Sample Vendor in the 2023 Gartner Hype Cycle for Data Science and Machine Learning, as well as the Hype Cycle for Artificial Intelligence, 2023, along with other prominent global Data-Centric AI firms.

In the first quarter of the current year, Crowdworks witnessed a remarkable 242% increase in revenue compared to the same period in the previous year, achieving a quarterly profit. The company explained that the rise of ChatGPT and Generative AI prompted a growing number of corporations to expedite their AI adoption, resulting in a rapid revenue surge. These businesses turned to Crowdworks’ services to secure high-quality AI training data, a crucial component for AI development endeavors.

Expressing gratitude to investors, partners, and the dedicated workforce, Min-woo Park, the CEO of Crowdworks, articulated his vision for the company’s future: “With our momentous KOSDAQ market listing, we are poised to take a leap forward, solidifying our position as a global key player in the dynamic AI data landscape.”

Crowdworks

Crowdworks is a leading AI training data solution provider that collects and annotates training data for AI development. Founded in April 2017, Crowdworks aims to create an ecosystem where AI and humans can collaborate under the long-term vision of an “AI & Human Resources Platform.”