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S Korean e-book operator eyes unicorn status via successful foray into US

Geun-ho Im Mar 17, 2021 (Gmt+09:00) ENG E-book platform operator RIDI Corp. has successfully tapped into the US market, fueling anticipation over the possibility of it becoming South Korea s next unicorn startup. Last November RIDI rolled out Manta, a subscription-based webtoon service, in North America. The service offers Korean webtoons translated into English, priced at $3.99 a month. According to mobile data provider AppAnnie on Mar. 16, Manta is currently in eighth place in the book category on the iPhone App Store in the US.  “Manta has seen over 300,000 downloads in just three months from its release,” said a RIDI official. As Manta gains traction in the US, there’s increased anticipation of a hike in the company s price tag as well. In 2019, RIDI secured 33 billion won in Series E funding with a valuation near 550 billion won ($487 million). Its valuation remained the same when it raised 20 billion won from the Korea Development Bank in March of las

Krafton plans 5-for-1 share split ahead of over $880 million IPO

Krafton, developer of PlayerUnknown’s Battlegrounds (PUBG), aims to go public this year. South Korean games developer Krafton Inc., 13.2% owned by Tencent Holdings’ investment arm, plans a five-for-one share split ahead of its planned initial public offering, through which it aims to raise over 1 trillion won ($886 million). According to the investment banking industry on Mar. 17, the company will seek approval of the stock split plan at its annual shareholders meeting on Mar. 31. Under the plan, the face value of its shares will be cut to 100 won apiece from 500 won, with the number of its total outstanding shares rising to 300 million from the current 100 million.

KIC, Korean pension funds in hunt for new CIOs

Mar 17, 2021 (Gmt+09:00) ENG KIC Chief Executive Choi Heenam South Korea s Police Mutual Aid Association (PMAA) has been looking for a new chief investment officer for a half year, while the sovereign wealth fund Korea Investment Corporation (KIC) and the Military Mutual Aid Association (MMAA) have just kicked off their CIO selection process.  Another retirement fund Korea Scientists & Engineers Mutual-aid Association will likely join them soon to find the successor of CIO Huh Sung-moo whose two-year term is expiring next month. In the second half, the National Pension Service (NPS), which manages $740 billion in assets, is expected to launch the process to replace its CIO Ahn Hyo-joon. Ahn s two-year term was extended to early October of this year.

Hyosung inks first large-scale ESS deal in Europe

Hyosung s ESS facilities (Courtesy of Hyosung Heavy Industries) Hyosung Heavy Industries, the construction and infrastructure arm of South Korea’s textile and chemicals conglomerate Hyosung, on Mar. 17 said that it closed a 50 MW (megawatt) energy storage system (ESS) deal with UK’s energy investment management firm Downing LLP. The ESS facilities are to be constructed in Southampton, UK, and will be directly connected to the power grid of the British utilities company National Grid.   Under the deal, Hyosung Heavy will provide the construction design as well as the supply of the power conversion system (PCS); batteries; and the energy management system (EMS) as part of the ESS project.

Hyundai Motor invests in Clearpath Robotics in push for future mobility

Clearpath’s unmanned ground vehicle (UGV), Jackal Hyundai Motor Co. has invested $5 million in Clearpath Robotics Inc., a Canada-based robotics startup, in a stepped-up push to transform into a comprehensive provider of future mobility. According to its 2020 business report filed with the Financial Supervisory Service on Tuesday, the top South Korean automaker made the investment in December of 2020. Headquartered in Waterloo Region, Canada, Clearpath was founded in 2009 to streamline field robotics research for universities and private companies, but the company has since expanded to manufacturing self-driving vehicles for industrial use and developing robotics software. Clearpath’s products include its unmanned ground vehicle (UGV) Jackal and OTTO 1500, a heavy-duty autonomous mobile robot that can move pallets, racks and other large payloads through dynamic and human-dense environments.

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