SEOUL, South Korea, May 20, 2024 – MakinaRocks, a trailblazing enterprise AI company, has received ‘A-A’ rating in the technical evaluation for its prospective listing on the KOSDAQ.
To qualify for a special listing on the KOSDAQ, a company must receive a grade of ‘A-BBB’ or higher from two specialized rating agencies designated by the Korea Exchange. While many manufacturing technology companies for hardware and software have received technical evaluations, MakinaRocks is the first to achieve an ‘A-A’ rating for industry-specific AI.
Andre S. Yoon, CEO of MakinaRocks, stated, “We are pleased that our leading technology and growth have been recognized by the rating agencies, even as the evaluation criteria and process have become more stringent. Listing is one step in realizing our vision to become the world’s leading AI software provider by combining Korea’s manufacturing competitiveness with MakinaRocks’ AI technology.”
Founded in December 2017, MakinaRocks is Korea’s leading first-generation industry-specific AI company. Unlike existing system integrators (SIs), it has deeply rooted AI into its core from human resources to technical capabilities. While the average success rate of AI adoption in the manufacturing is only 15%, MakinaRocks boasts a 70% success rate.
The company attributes this success rate to its “rich manufacturing data experience” and “mature AI platform.” Few companies globally have as much experience with real-world data as MakinaRocks, given the highly secure nature of the manufacturing industry, including automotive, battery, and semiconductor sectors. Its AI platform, Runway, provides an environment where companies can operate their own AI (MLOps, machine learning operations) by verifying the performance of data and AI models. MakinaRocks has expanded the application of AI models from just 2 in 2020 to 4,030 in 2023 and is preparing for mass production at some manufacturing sites.
Based on these achievements, MakinaRocks was named one of the world’s most promising startups in 2024, and in 2023, it was listed among the top 100 AI companies globally by CB Insights, alongside ChatGPT development company OpenAI, demonstrating its competitiveness as a global AI leader representing South Korea.
Strategic investors from the manufacturing industry were the first to recognize MakinaRocks’ technology and high growth potential. Investors such as LG, SK, Naver, Applied Ventures, Korea Development Bank, and Hyundai participated in significant early investments. After Series B, GS, Samsung, and Hanwha, who have collaborated on AI projects with MakinaRocks, also made strategic investments. Following the technical evaluation results, MakinaRocks intends to submit a preliminary review application in the first half of the year, with Samsung Securities acting as the lead underwriter.
About MakinaRocks
MakinaRocks is a pioneering leader in enterprise AI software for the global manufacturing industry, dedicated to accelerating industries’ transition to AI. Leveraging our MLOps platform and end-to-end AI solutions, we empower businesses to optimize operations, gain insights, and unlock significant value. Backed by $25M+ funding from global investors like Applied Ventures and Hyundai Motor Group, MakinaRocks is a top innovator listed in CB Insights AI 100 and the World Economic Forum’s Global Innovators Community. Learn more at https://www.makinarocks.ai/en/.
