Ryuten Completes 108 Billion KRW Series B Funding... Accumulates 130 Billion KRW in Total Investments

"Innovative Company in the AI Market...
Expectations for a Powerful Platform"

AI service platform company Lutton Technologies (Lutton) announced on the 31st that it has completed its Series B round with a total of 108 billion KRW by securing an additional investment of 83 billion KRW.

This large-scale investment was made nine months after the pre-Series B round (worth 25 billion KRW) investment secured in June last year. With this, Lutton's cumulative investment amount has reached a total of 130 billion KRW.

The additional investment was led by new participant Goodwater Capital, along with existing investors BRV Capital Management, Capstone Partners, Woori Venture Partners, Suije Generis Partners, Antler, and Z Venture Capital (ZVC). Goodwater Capital is a global investment firm based in Silicon Valley, USA, which has invested in innovative consumer technology companies in more than 50 countries worldwide. In Korea, it has participated as a major early investor in Coupang, Kakao, Toss, and also led investment in Danggeun Market.

Jinseok Oh, partner at Goodwater Capital, explained, "As the AI market environment rapidly changes, an era of AI services targeting diverse customer groups will soon open. Lutton is an innovative company leading these AI market trends well, showing growth momentum and potential to leap forward as a powerful platform."

In October last year, Lutton surpassed 5 million monthly active users (MAU) just 1 year and 10 months after launching its service. This is faster than Toss (about 3 years and 3 months) and Danggeun (about 2 years). In terms of revenue, following the achievement of 1 billion KRW in monthly sales centered on character chat services in November last year, it recorded 2 billion KRW in December of the same year, continuing its growth.

Lutton will officially launch its character chat service as a separate web and application (app) service called Crack on the 3rd of next month. The main Lutton service, equipped with AI search, productivity tools, and personalized AI features, will also be fully revamped and updated within next month.