South Korea's Wrtn raises Series C funding at over $722 million valuation

SEOUL, Aug 26 (Reuters) - South Korean AI services platform Wrtn Technologies said on ‌Wednesday it had raised around 100 ‌billion won ($72.2 million) in a Series C funding round ​that valued the company at more than 1 trillion won ($722 million).

• The round brings Wrtn's total fundraising to ‌about 230 billion ⁠won ($166 million), the company said.

• New investors included Coreline Ventures and ⁠Eugene Asset Management, alongside existing backers including Goodwater Capital and Korea Development Bank.

• Wrtn ​said its ​North American-focused AI ​entertainment platform OOC surpassed ‌10 billion won ($7.22 million) in monthly revenue within three months of its May launch.

• Wrtn expects total revenue this year to exceed 200 billion won, compared with 47.1 ‌billion won last year.

• ​The company said it ​would use the ​funding to expand overseas and ‌improve its services.

• It is ​also preparing ​tighter safeguards for teenage users of its AI entertainment platform Crack, including time-use ​limits, stronger ‌parental consent procedures and lower spending ​caps.

(Reporting by Joyce Lee, ​Editing by Louise Heavens)