Bitnine Announces Intention to List on KOSDAQ

Integrated Query Multi-Model Database 'AgensGraph' Owned
'Apache AGE' Project Operated... Recognized for Technical Excellence in Overseas Markets

[Asia Economy Reporter Hyungsoo Park] Bitnine, a graph database (DB) specialist company, announced on the 5th that it will proceed with an initial public offering (IPO) for listing on the KOSDAQ market.

Bitnine's total number of shares offered is 2,071,000, with a desired offering price band of 8,700 to 9,700 KRW. The total offering size is approximately 18 billion to 20.1 billion KRW. Demand forecasting will be conducted over two days from the 5th to the 6th of next month, and the final offering price will be confirmed. The lead underwriter is Hana Financial Investment.

Bitnine, established in 2013, is a developer of graph DB. Its main business areas include supplying licenses for graph DB products and providing data analysis solutions based on graph DB.

Bitnine is recognized for its outstanding DB analysis technology through the world’s only integrated query multi-model database ‘AgensGraph’. It achieves top performance based on integrated query (Hybrid Query Processing) technology that simultaneously executes queries for relational data and graph data within a single query statement.

Graph DB is a technology that analyzes various data patterns using graphs based on nodes and edges. When utilizing graph DB, it is possible to build systems that effectively process vast amounts of data and provide meaningful analytical data to customers.

It has strengths in analyzing relationships between data. It can be used to solve advanced crime issues in modern society, such as detecting money laundering patterns from cryptocurrency transaction data and investigating complex crimes involving special relationships.

In fact, a domestic bank recently succeeded in detecting so-called ‘ghost accounts’, a hotbed of crime, by utilizing graph DB analysis technology. This is regarded as a representative case that detected areas difficult to identify even with existing AI technology (Machine Learning).

CEO Chulsoon Kang of Bitnine emphasized, “In an era where data utilization strategies lead to corporate survival, the use of graph DB is increasing,” adding, “Graph DB, specialized in discovering new insights that existing technologies could not find, will be a ‘game changer’ shaking up the industry.”

Bitnine is considered one of the major players in overseas markets. Its capabilities and technology have been recognized to the extent that it operates the ‘Apache AGE’ project together with the Apache Software Foundation and a local R&D center in the United States.

Based on its unique technological capabilities, Bitnine is expanding its business areas across industries including finance sectors such as banking, insurance, and payment companies, as well as manufacturing, IT, entertainment, education, and public sectors.

CEO Kang stated, “Due to the nature of future new industries such as artificial intelligence (AI), virtual reality, and 5G·6G, a vast amount of data is constantly generated, so the value of graph DB specialized in analyzing relationships between data will inevitably increase,” adding, “Bitnine will put more effort into strengthening its global capabilities by using the KOSDAQ market listing as a stepping stone.”

Bitnine is pursuing a technology-specialized listing. In December last year, it received an A grade or higher from two professional evaluation agencies designated by the Korea Exchange.