AIBRAIN LLC announced that it expects to receive KRW 3.16 billion in funding from Korea Electronic Certification Authority, Inc.

AIBRAIN LLC announced a private placement of 7,000,000 shares of preferred stock at KRW 452.01428 per share for gross proceeds of KRW 3,164,100,000 on October 2, 2014. The transaction will include participation from existing investor Korea Electronic Certification Authority, Inc. Pursuant to the transaction, the investor will increase its stake in the company from 98.43% to 98.83% and will hold total of 27,000,000 shares. The company had total equity of 23,403,167,305 shares outstanding before the transaction.

The company announced that the transaction has been approved by the board of directors of the investor. The transaction is expected to close on October 24, 2014. The company had total assets worth KRW 20,650,000,000, total liabilities of KRW 1,000,000, total shareholder's equity of KRW 2,064,000,000 and suffered a net loss of KRW 81,000,000 in the last financial year.