IGAWorks
Category: AI in Marketing
Korean AI-based digital marketing and data-tech company that operates mobile data platforms (Mobile Index, Adbrix, DFINERY) and recently launched WorksFM, a Large Behavior Model trained on 34M consumer records. IGAWorks was founded in 2007. The company is led by Ma Guk-seong (마국성). Based in Seoul, South Korea. Team size: 51-100. Total funding raised: $56.9M. Latest round: Pre-IPO. Key investors include Atinum Investment (에이티넘인베스트먼트), Korea Investment Partners (한국투자파트너스), Mirae Asset Securities (미래에셋대우증권), KB Securities (KB증권), Quantum Ventures Korea (퀀텀벤처스코리아), Premier Partners (프리미어 파트너스), SG Private Equity (에스지프라이빗에쿼티), Korea Investment Private Equity (한국투자프라이빗에쿼티).
- Founded
- 2007
- Headquarters
- Seoul, South Korea
- Team size
- 51-100
- Total funding
- $56.9M
Value proposition
IGAWorks is Korea's largest mobile big-data platform company, providing full-stack data-driven marketing solutions (CDP, DMP, ATD, mobile attribution/analytics, marketing automation, market intelligence). It is pivoting into an AI data-tech company with SCI (Synthetic Consumer Intelligence) and WorksFM, a Large Behavior Model that predicts near-term consumer behavior from ~34M consumer records via privacy-safe data clean rooms.
Products and solutions
Mobile Index (mobile app market analytics), Adbrix (mobile attribution & analytics), DFINERY (CDP - Customer Data Platform), TradingWorks (ATD - advertiser trading desk), AdPopcorn (SSP mobile ad platform), WorksFM (Large Behavior Model predicting consumer behavior), SCI (Synthetic Consumer Intelligence), AI-SCI technology.
Unique value
Combines Korea's largest proprietary mobile consumer-behavior dataset (34M records, 14,000 behavior tags across 10+ channels) with AI foundation models to predict near-term (7-day) consumer actions across 12 industries — moving beyond targeted advertising into enterprise Decision Intelligence.
Target customer
Enterprise clients across finance, commerce, gaming, travel, education, food and other industries; advertisers and brands needing data-driven marketing and consumer-behavior prediction; currently running projects with two large Korean retail companies.
Industries served
Finance, Commerce/Retail, Gaming, Travel, Education, Food, and 6 other industries (12 total) for WorksFM behavior prediction, digital marketing/ad-tech broadly.
Technology advantage
Korea's largest proprietary mobile consumer-behavior dataset; WorksFM Large Behavior Model trained on ~34M consumer records with 14,000 behavior tags across 10+ channels; SCI (Synthetic Consumer Intelligence) for privacy-safe data combination via data clean rooms; full-stack ad-tech/data platform (CDP+DMP+ATD+attribution).
How they differentiate
Differentiates through Korea's largest proprietary mobile consumer-behavior dataset combined with AI foundation models (WorksFM Large Behavior Model) that predict near-term consumer actions, delivered via privacy-safe data clean rooms — moving beyond ad targeting into enterprise Decision Intelligence.
Main competitors
AppsFlyer, Adjust, Airbridge (에어브릿지), Singular, Kochava, Mocoplex (모코플렉스), Anypoint Media (애니포인트미디어)
Key partnerships
AWS (real-time CDP infrastructure), Snowflake (WorksFM unveiled at Snowflake World Tour Seoul 2026), Thai ad agency partnership for data solutions in Southeast Asia (2023).
Notable customers
Two large Korean retail companies (running behavior-prediction projects), 30,000+ mobile apps use IGAWorks solutions, NBT (Cashslide/Chips point app) as Mobile Index customer.
Major milestones
Founded 2006/2007, 2019 Series D ₩18.5B, 2020 Series E ₩15B at ~₩400B valuation, 2021 Pre-IPO funding at ₩1.02T valuation, July 2022 selected as Korea's first data-sector unicorn by Ministry of SMEs and Startups, 2024 revenue ₩121.3B, March 2026 corporate split (인적분할) into pure AI data-tech company with IPO planned, Aug 2026 launched WorksFM Large Behavior Model at Snowflake World Tour Seoul.
Growth metrics
2024 consolidated revenue ₩121.3B (~$88M) with operating loss ₩2.3B; 2019 ad handling volume ₩208.4B (2.34x YoY); 30,000+ mobile apps using solutions; ~70 employees (2026, post-split; was 534 in 2022).
Market positioning
Korea's first data-sector unicorn (selected by Ministry of SMEs and Startups in July 2022), valued at ₩1.02T in 2021. Korea's largest mobile big-data platform company, now restructuring via corporate split (인적분할) into a pure AI data-tech company with IPO planned.
Geographic focus
South Korea (primary), expanding into Southeast Asia (Thailand) and global markets.
Patents and IP
1 registered patent (per THE VC, registered 2018-03-07).
About Ma Guk-seong (마국성)
Founder & CEO of IGAWorks since 2006/2007 (also known as Eric Kukseong Ma). Seoul National University Business School (class of 1997). Previously Team Manager / Business Development Manager at Nexon Korea (c. 2002–2006); founded IGAWorks as a mobile ad-tech startup.
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Official website: https://www.igaworks.com
