The big data analysis artificial intelligence (AI) company S2W held a press conference for its initial public offering (IPO) on August 5 in Yeouido, introducing its core technology and post-listing blueprint.


Formerly focused on security and defense, S2W, known as a dark web expert, now aims to become a global intelligence company with an emphasis on big data and AI technology. Sang-Duk Seo, CEO of S2W, stated, "Based on our core solutions, we will implement the 'public-first, private-later' strategy, proven in Korea, overseas as well," adding, "We plan to establish overseas subsidiaries in Japan and Singapore within the year and transform into a global big data analysis AI company by building a world data center (IDC) by 2027."

Possessing 'Multi-domain Cross-analysis'... Collaboration with Interpol and Microsoft

S2W's key competitive edge is its 'multi-domain cross-analysis technology.' This technology refines, analyzes, and connects unstructured data from various sources such as social media to create a single intelligence. S2W enhances and refines organizational decision-making systems based on domain-specific AI and knowledge graphs (technology that stores and visualizes information in graph form).


Using multi-domain cross-analysis technology, S2W developed ▲ the security big data platform for public and government institutions 'XARVIS' ▲ the cyber threat intelligence platform for enterprises 'QUAXAR' ▲ the industry-specific AI platform 'SAIP (S2W AI Platform).' CEO Seo emphasized, "The high versatility and scalability covering national security, corporate security, and industry-specific AI are strengths," adding, "Especially, SAIP will expand the application range of advanced technology from security and defense to the entire industry, driving long-term revenue growth."

S2W differentiates itself from the American big data analysis software platform company 'Palantir.' CEO Seo explained, "While Palantir creates knowledge graphs over a long period with ontology consultants and domain experts, S2W connects data accumulated from the dark web with lightweight AI to create graphs." This allows for flexible and efficient responses regardless of domain size or complexity, with performance becoming overwhelmingly superior as data increases.

S2W established its foundation by securing domestic investigative and defense agencies as clients from its inception, with collaboration with Interpol being notable. Since 2020, S2W has expanded cooperation as a partner to strengthen international security. Additionally, since 2023, it has been involved in the 'Security Copilot' project with Microsoft (MS), providing dark web learning data in the security field, which is set to launch in September this year.

Domestic and International Public-first, Private-later Strategy... Data Center Construction Targeted for 2027


Founded in 2018, S2W achieved approximately KRW 10 billion in revenue in 2024, with overseas sales accounting for 20%. S2W has secured clients across all sectors, including domestic and international telecommunications, finance/fintech, public, automotive, and distribution. Notably, about 69% of revenue is based on software as a service (SaaS), with a customer retention rate of approximately 96%. CEO Seo added, "The contract period is 1 to 3 years, with a high renewal rate. Revenue is centered on SaaS, reducing the risk of sudden declines."

The funds raised from this listing will be focused on accelerating overseas expansion. S2W anticipates a 10% annual increase in overseas share, adhering to the 'public-first, private-later' strategy proven in Korea. This involves securing references in public and government institutions of each country before expanding into the private market. Currently, S2W has consecutively won public and government institution projects in Indonesia, Taiwan, Singapore, and Japan, and plans to establish local subsidiaries in Japan and Singapore within the year. Additionally, it has secured 20 global distribution partners, including domestic SK Shieldus.


Particularly, S2W plans to expand SAIP into high-value-added AI areas such as defense, energy, and telecommunications, based on cooperation with Lotte Members and Hyundai Steel. Furthermore, S2W plans to build a data center by 2027. CEO Seo explained, "We are currently considering building data centers in Korea and Singapore. When supporting Asian and Middle Eastern countries, it will be advantageous in terms of speed and legal regulations."

He continued, "Ultimately, we aim to balance the proportions of security and defense with industry-specific areas to create synergy," adding, "In Korea, the importance of security investment is growing following the SKT incident, which will positively impact the favorable market environment."

Meanwhile, S2W will issue a total of 1.58 million new shares through this listing, with the expected public offering amounting to approximately KRW 18 billion to KRW 20.9 billion based on the desired offering price (KRW 11,400 to KRW 13,200). The public offering price was determined through demand forecasting for institutional investors from July 30 to August 5, with general investor subscription taking place over two days starting on the 7th. The lead underwriter is Daishin Securities.

IT Donga Reporter Kim Yeji (yj@itdonga.com)

Popular News