South Korea AI startup Wrtn aims to enter US market, targets IPO as early as 2028

• Wrtn's service differentiates from competitors like Character.AI by focusing on narrative-driven AI where users are protagonists in story worlds, rather than companion chatbots
• The platform recorded $70 million annualized revenue by end of 2025 with users spending about 2 hours daily and paying user retention rates above 70%
• Company secured 108 billion won ($73.6 million) in Series B funding in March 2025 and plans another funding round this year ahead of potential 2028 IPO in South Korea or the U.S.

Summary: South Korean AI Startup Wrtn Eyes US Expansion and 2028 IPO

Key Financial Metrics:

South Korean AI startup Wrtn projects over $100 million in annualized revenue for 2025, up from $70 million at end-2024. The company targets $700 million annualized revenue by end-2027—a tenfold increase—and plans an IPO as early as 2028 in either South Korea or the United States.

Business Model:

Wrtn operates an AI-powered interactive storytelling service branded "Crack" in South Korea and "Kyarapu" in Japan. Unlike competitor Character.AI's companion chatbots, Wrtn focuses on narrative-driven experiences where users become protagonists in AI-generated stories featuring real-time novels, images, and audio.

Market Performance:

Despite launching only in late 2024 in South Korea and mid-2025 in Japan, Wrtn has achieved strong user engagement metrics: average daily usage of two hours (comparable to Netflix/YouTube) and retention rates above 70% for paying subscribers. The platform plans US market entry by June 2025.

Funding:

The startup has raised cumulative investment of approximately 130 billion won (~$89 million), including a 108 billion won Series B round in March 2025. Another funding round is planned for 2025.

Industry Context:

Founder Lee Seyoung claims Wrtn's narrative-centric model—where characters can disappear or be replaced—mitigates regulatory concerns around user confusion and emotional attachment that have plagued companion-style AI chatbots facing increased global scrutiny.

Market Implications:

Wrtn's aggressive growth targets and differentiated product positioning signal intensifying competition in the AI entertainment sector, with potential disruption to traditional streaming platforms given comparable engagement metrics.