[IPO] TrueN "Targeting Global Market with AI Video Surveillance Solution"

Trueen, a specialized company in artificial intelligence (AI) video surveillance solutions, is set to enter the KOSDAQ market. Based on its differentiated technology applied to the ‘Edge AI Camera,’ Trueen plans to actively target overseas markets after its listing.

On the 27th, Jaechun Ahn, CEO of Trueen, held a press conference in Yeouido, Seoul, stating, “Trueen provides differentiated intelligent video surveillance solutions through continuous research and development and is growing steadily to lead the industry. With the KOSDAQ listing, we will enhance corporate awareness and credibility and leap forward as a company that offers top-quality AI cameras and solutions in the global market beyond Korea.”

Ahn Jae-cheon, CEO of TrueN. / Photo by TrueN

Founded in 2005, Trueen provides intelligent video surveillance and smart home IoT (Internet of Things) solutions using AI. Its main products and services include ▲IP cameras ▲smart IoT solutions ▲video streaming solutions, establishing a full product lineup necessary for video surveillance. Trueen possesses not only hardware technologies such as AI cameras but also core software technologies including deep learning algorithms and cloud computing, enabling a one-stop solution from design to production, which has increased customer loyalty and expanded market share.

In particular, Trueen is building market entry barriers through its ‘Edge AI Camera’ technology. CEO Ahn explained, “We recognized limitations in the conventional AI PC-based server technology that receives, displays, and stores video at control centers. Therefore, we focused on developing technology that applies AI directly to cameras instead of server PCs and succeeded in developing the ‘Edge AI Camera.’”

According to Transparency Market Research, the global video surveillance market is expected to grow from 53 trillion KRW in 2020 to 146 trillion KRW by 2027, at an average annual growth rate of 15.58%. The domestic video surveillance market is also projected to grow from 3.81 trillion KRW in 2020 to 5.46 trillion KRW in 2027, with an average annual growth rate of 5.28%.

Accordingly, Trueen plans to focus on expanding its market share, led by the ‘Edge AI Camera.’ Currently, the AI camera adoption rate in video security control centers across 225 local governments nationwide is about 20%. It is expected that public institutions will fully adopt AI cameras by 2027, which will bring significant benefits due to substantial budget investments.

Going forward, Trueen plans to advance its ‘Edge AI SoC’ through collaboration with HAILO, a global leader in AI integrated circuits (IC). HAILO is equipped with high-performance vision processors, and through joint R&D with Trueen, it is expected that they will develop ‘Edge AI Cameras’ that secure world-class performance as well as price competitiveness.

Additionally, Trueen, which has already entered more than 15 countries including major markets such as the United States, Germany, the United Kingdom, and Japan, plans to establish overseas bases and actively expand into the global market. It plans to open an office in Shenzhen, China, in the second half of this year to secure price competitiveness and stable component supply. In the first half of next year, Trueen will establish a U.S. corporation to launch full-scale marketing for Edge AI Cameras and IoT solutions in the North American market.

CEO Jaechun Ahn emphasized, “As the global trend pursues a convenient and safe life, the video surveillance market is also being reorganized around AI cameras. Trueen will lead the industry through proactive technology development. Through the KOSDAQ listing, we will solidify our position in the global market and grow into a world-class company by balancing growth in both B2C and B2B business sectors.”

Meanwhile, Trueen’s total number of shares offered in the public offering is 2.5 million. The expected price range per share is 10,000 to 12,000 KRW, with the anticipated amount raised between 25 billion and 30 billion KRW. The proceeds will mainly be used for ▲new integrated factory expansion costs ▲R&D investment focused on AI technology ▲establishment and operation of overseas offices and branches.

Trueen plans to finalize the public offering price through demand forecasting by the 28th and conduct general public subscription on May 8 and 9. The listing is scheduled for May, with Mirae Asset Securities serving as the lead underwriter.