KT Group Invests $11.65M into AI Company Moreh
Funding Round Info:
KT Group, a prominent telecommunications company based in South Korea, is making strategic moves to bolster the nation's artificial intelligence (AI) capabilities. Through a substantial investment of $11.65 million (KRW15 billion) in the local AI startup Moreh, with additional funding from its subsidiary KT Cloud, the company aims to take significant strides in the field. This marks KT Group's second investment in Moreh, following a previous one in 2021. The primary objective of this latest investment is to establish a comprehensive AI development system encompassing both hardware and software aspects. By forging this partnership with Moreh, KT Group envisions a pivotal role in strengthening the country's AI competitiveness using indigenous technology. Presently, South Korea's AI infrastructure market heavily relies on foreign solutions, and KT Group intends to support domestic entities like Moreh in actively participating in the global AI market.
About Moreh:
Moreh focuses on AI software solutions. Their portfolio comprises an AI infrastructure software stack, AI cluster, and cloud services. A significant advantage of Moreh's infrastructure software stack lies in its seamless compatibility with Nvidia's CUDA, resulting in reduced reliance on foreign GPUs.
About KT Group:
KT is a telecommunications and internet service provider, offering a wide range of services. These include fixed-line and VoIP telephone services, data communication services, broadband internet access, IPTV, leased line, satellite TV, information technology and network services, as well as financial services.
About KT Cloud:
KT Cloud biz is a publicly available cloud service aimed at delivering swift, dependable, and premium cloud server resources (including CPU, memory, disk, and network) to enterprise clients. This service is built on the foundation of KT cloud platform, which accommodates diverse cloud service structures such as public, hybrid, and virtual private cloud.