AETECH has started working on the initial public offering (IPO) with the goal of 2025. The lead manager is KB Securities. Aetech, established in 2020, has developed artificial intelligence (AI) robots to replace the human work of sorting recyclable waste. The goal is to achieve the break-even point (BEP) this year and then draw a clear upward trend in performance.

Identified as a growth driver is the 'establishment of a smart factory.' It is an unmanned center that replaces all tasks such as waste sorting, washing, compression, and transport with robots. This year, the plan is to raise more than 5 billion won through a bridge round for this purpose. If the smart factory is successfully built, a value-up is also aimed for through a pre-IPO round.

Distinguished Technology, Steady Interest from Venture Capital

AETECH is a startup solving the problem of recycling waste. It has developed an AI robot 'Atron' to classify waste instead of humans. Atron classifies approximately 100 pieces of waste per minute, which is 2.4 times faster than human labor. The robot delivery price (approximately 250 million won) is half the level of competitors (approximately 500 million won).

It is noted for its strong technological capabilities that can compete with global companies such as AMP Robotics (USA) and ZenRobotics (Finland). Aetech's robots boast technology with the ability to classify more than 40 types of waste, sort over 100 items per minute, and achieve an accuracy of 99.3%.

Steady interest from venture capital has been ongoing. Aetech has completed up to Series A round. The total investment amount is 12.2 billion won. Major financial investors (FIs) such as Vision Creator, Picnic Ventures, GS Ventures, Hana Securities, Blue Corner, KB Securities, IBK Capital, Muse Ventures, LK Technology Investment, Welcome Capital, and Oracle Venture Investment have participated in multiple investment rounds.

Notably, the majority of FIs followed up on the investments. Vision Creator, Picnic Ventures, Blue Corner, GS Ventures, and Hana Securities participated in investment rounds more than twice. It is rumored that Aetech has been highly evaluated for its growth potential based on its technological capabilities and customer satisfaction over the three years since its founding.

Achieving BEP This Year, Entering Bridge Round

This year is expected to be the 'year of achieving BEP and turning a profit' for the company. It anticipates sales growth through the delivery of a minimum of 30-40 robots. It currently holds contracts for more than 10 units. The target sales have been set at over 7.5 billion won, compared to sales of 2.3 billion won last year. This represents a 23-fold increase from 2022.

CSO Ryu said, "Aetech's average annual sales growth rate is a remarkable 63.85%" and stated, "We anticipate achieving sales of over 17.5 billion won through the sale of around 70 robots in 2025." According to Aetech, assuming the sale of 7 robots per company in the top 25% for market share, it would be possible to generate annual sales of up to 240 billion won.

Aetech has also begun preparing for an IPO with a focus on 2025. KB Securities has been selected as the lead manager. It is considering options such as a special technology listing or a SPAC merger listing. The plan is to seek a value-up centered around the smart factory. It is currently building an unmanned robot resource circulation center (smart factory) of approximately 500 square meters in Seogu, Incheon.

It has entered the bridge round to raise funds for business expansion. The plan is to raise a minimum of 5 billion won. The target is a post-valuation of over 60 billion won. It is also considering a value-up through a pre-IPO round in the coming year. Aetech CEO Park Tae-hyung mentioned, "The investment will be focused on building the smart factory."

Diversifying sales revenue is also anticipated. Upon the establishment of the smart factory, additional revenue from operations can be secured. Furthermore, changes will be made to the robot delivery method, expanding to a total robot solution services (RaaS) business. This includes lease plans such as △lease △rental, which previously only had a purchase plan for robots and other equipment and setup costs. However, separate payments are required for maintenance, software usage subscription fees, and additional facility construction costs.

Reporter Lee Young-ah