NHN Cloud, a cloud-focused company established as an independent company in April 2022, has secured a KRW 150 billion ($122 million) investment from IMM Investment. The investment will help NHN Cloud advance its cloud, AI, and XaaS technology R&D, maintain its dominant position in the public market, enter the private market, and expand its global operations.
Since becoming an independent corporation, NHN Cloud has made this as its first investment. 15% of SPC is owned by IMM Investment, and NHN Cloud has an enterprise value of KRW 1 trillion ($810 million).
IMM Investment, a leading alternative investment company in Korea, has in the past identified developing companies like Musinsa, Woowa Brothers, Krafton, and Bucket Place (oHouse); assets managed by IMM Investment in the infrastructure investment sector total KRW 7 trillion ($5.7 billion).
Customers of NHN Cloud come from a variety of industries, including the public sector, finance, and IT/games and the company intends to grow by opening full-fledged cloud data centers in local regions.
Additionally, the company has acquired OpenStack cloud capabilities, which are acknowledged by prominent technological foundations like the OpenInfra Foundation, Linux Foundation, and CNCF (Cloud Native Computing Foundation).
By identifying potential growth drivers in the domestic cloud industry, NHN Cloud, which had a 39% share of public cloud conversion project orders last year, hopes to maintain revenue growth, overtake competitors in the public cloud conversion market, and raise the value of its company.
