The funding for this round was made through VC investment and loans through the Technology Guarantee Fund. VC investment was led by CJ Investment, and IBK Industrial Bank of Korea participated as a new investor. In addition, existing investment companies SL Investment, We Ventures, and KB Investment participated as follow-up investors. Aurum Planet secured KRW 5 billion in Series A investment in August 2020, and has succeeded in attracting Series B investment, securing a total of KRW 17 billion in accumulated business capital.
Launched as a highlighting utility in 2015, Liner has launched a recommendation service, a search assistant, and community features. In addition, the company explained that it has proven that it can rapidly expand in a short period of time in the global market by growing more than 33 times the monthly active users in just one year.
After attracting this investment, Aurum Planet plans to accelerate the advancement of its products and businesses as an information curation platform. Currently, the focus is on usability improvement and recommendation technology innovation that enables users to automatically receive high-quality and productive content on the LINER platform. In the second half of the year, it aims to verify a new business that allows liner users to subscribe to their curation for a fee. It also plans to expand its business area to advertising business on information curation platforms.
“We highly evaluated the possibility that Liner will occupy the position of a web curator who curates high-quality and productive content in the global market,” said Kyung-sik Kim, senior examiner at CJ Investment, who led the investment. An efficient team structure that works is also a strength of Aurum Planet.”
Chanmin Woo, CEO of Aurum Planet, said, “Based on this investment, we plan to grow into a global company with superior business models and products loved by customers. I will go out,” he said.
Source: ITWorld Korea by www.itworld.co.kr.
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