Bitnine Global Inc., a graph database R&D company, is set to make an initial public offering. This is the world’s first IPO for graph database vendors.
In December last year, Bitnine successfully passed the technology evaluation of the KOSDAQ market, famous for its strictness, by earning the highest rating, proving its technical capability and commercial potential. In 2020, a number of businesses specializing in artificial intelligence and related technology went public on KOSDAQ. It bodes well for Bitnine as it is also an AI-related company. With the underwriters, Bitnine has now entered a growth path by joining the tech-heavy market.
Founded in 2013, Bitnine is a company specializing in graph databases. It launched AgensGraph, a multi-model database solution capable of processing both relational and graph databases at the same time for the first time in the world, in 2017, attracting attention from all across the world. Korea’s only graph database company, it accounts for more than 90% of the domestic graph database market, establishing itself as the unmatched player in the industry.
Global corporations such as Samsung, SK Hynix, as well as government agencies and state-run enterprises, are Bitnine’s clients, which last year helped the company recorded about $15 million in sales revenue in graph database services in Korea alone. Its sales revenue is higher than any other competitors in the global market.
In 2016, Bitnine established a global sales HQ in the San Francisco Bay Area and has since steadily expanded its global business with North America as the base. Its AgensGraph has been used by Intel’s Data Center while other clients such as the United Nations World Food Programme, France’s state-run utility company EDF, and America’s largest telecom service provider Verizon are using AgensGraph in their operation.
Last year, AGE, a database program developed by Bitnine and donated to the Apache Software Foundation, was adopted as an Incubating Project. Within the first half of this year, it is expected to be awarded the industry’s first Top Level Project in Graph Database. With the success of Apache AGE as the basis, Bitnine plans to complete the NASDAQ listing within three years’ time.
Bitnine CEO CheolSun Kang said, “We will try to finish the IPO procedure by the end of the first half. The proceeds from the public offering will be used to invest in R&D and global market expansion bids.” “Based on unique graph database and AI technology, we will secure our competitive advantage while leaping forward to be a global leading company by accelerating our technological innovation with our success in the Korean market as the stepping stone,” he added.