Creatz Inc., a South Korean manufacturer of golf swing simulators and analyzers, has raised 25 billion won ($ 21 million) in pre-initial public offering (IPO) funding based on the global pandemic golf boom.
According to investment sources on Wednesday, private equity firms such as Otium Capital, QUAD Investment Management and UTC Investment have invested a total of 25 billion won in Creatz, which aims to go public in 2023.
Creatz manufactures various golf simulators that have cameras for recording the golf swing movement and speed detection as well as a data analysis solution. The company saw brisk growth in Korea and North America as well, where it had sales of $ 20 million this year, up 120 percent from last year.
The company plans to use the latest proceeds to develop an artificial intelligence-based golf analysis system and expand its indoor golf training business.
Next month the company will be attending the PGA Show, the world’s largest golf show in Florida, USA, to showcase its latest golf simulator solutions, including a handheld swing analyzer.
As golf is becoming increasingly popular as the ideal sport in the Covid-19 environment, interest in indoor golf is also growing rapidly, said Creatz CEO Seok Jae-ho.
From Kang Doo-soon and Cho Jeehyun
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