Korea’s startup spotlight often gravitates toward AI software and consumer platforms. Yet a quieter transformation is unfolding inside the country’s building maintenance market. Netform R&D’s pre-IPO funding, AI safety acquisition plans, and collaboration with public research institutes signal something more structural: Korea’s industrial legacy sectors are becoming investable technology plays.

Netform R&D Secures Pre-IPO Capital and Expands Into AI Safety

Netform R&D, a building maintenance and renovation technology company, has secured KRW 4 billion in pre-IPO funding with participation from venture capital firm We Ventures.

The company reported KRW 15.3 billion in revenue and KRW 5 billion in operating profit in 2025. Since its founding, it has maintained operating margins above 25 percent and achieved average annual revenue growth of roughly 50 percent over the past three years.

Beyond capital, Netform R&D is repositioning itself. The company stated that it plans to use pre-IPO funds for overseas expansion and strategic M&A, with a focus on acquiring an AI-based safety ICT startup. The intended integration includes AI-driven safety management, risk prediction, and facility monitoring technologies.

Netform R&D is preparing for a KOSDAQ IPO in 2026 and previously selected Samsung Securities as its lead underwriter.

A Deep-Tech Foundation Built Through ETRI and Corporate CVC Backing

Netform R&D’s trajectory has been reinforced by public research and corporate capital.

In late 2025, the company secured a strategic investment from ETRI Holdings, a technology commercialization investment arm wholly funded by the Electronics and Telecommunications Research Institute (ETRI). The partnership centers on AI-based paint quality management, including quantifying adhesion characteristics that had traditionally relied on qualitative field judgment.

Separately, the company received KRW 2 billion in strategic investment from Xplor Invest, the corporate venture capital arm of GS Engineering & Construction. The backing reflects industry validation rather than speculative capital, as Netform R&D already supplies over 80 self-developed products to more than 220 contractors nationwide.

The company also holds over 50 patents and certified “new construction technologies,” including New Construction Technology No. 1026 for a sloped roof waterproofing and reinforcement method under its proprietary POUR process.

This is not a pre-revenue AI startup narrative. It is a profitable industrial technology company layering AI into an established maintenance base.

Netform R&D: Verified Performance and Market Footprint

Netform R&D’s technologies have been applied to more than 2.1 million apartment units cumulatively. In 2024 alone, its solutions were used in over 550 apartment complexes, as well as military facilities, LH sites, and public institutions.

In 2025, renovation projects using its technology were carried out in 672 apartment complexes nationwide. More than 230 contractors are currently using its core methods.

Korea’s building maintenance market is estimated at approximately KRW 25 trillion annually. Structural drivers include the increasing stock of aging buildings, tightening safety standards, and the expansion of ESG-based management practices.

Against that backdrop, the company’s AI integration strategy aligns directly with safety regulation trends and lifecycle management needs.

How Netform R&D Frames Its 2026 KOSDAQ and AI Expansion Plans

A company representative stated,

“We plan to enhance our core technologies and expand our business scope through the acquisition of an AI-based safety technology company. With the goal of applying for listing review in 2026, we aim to grow into a globally competitive technology company.”

Regarding the ETRI collaboration, CEO Lee Seung-woo said,

“Through our ongoing collaboration with ETRI, we have established a new paradigm for paint quality evaluation. We will expand our AI-based paint technology to global markets going forward.”

From the investor side, Xplor Investment noted that Netform R&D was evaluated highly in terms of technological capability, profitability, and industry positioning when deciding on the strategic investment.

Korea’s ₩25T Building Maintenance Market Is Becoming a Tech Investment Thesis

The significance extends beyond a single company.

First, this case illustrates how building MRO technology in Korea is becoming part of the broader industrial tech shift. Rather than building entirely new digital markets, companies are embedding AI into existing, regulation-driven sectors with predictable demand.

Second, the funding mix is telling. The involvement of a national research institute affiliate and a major construction group’s CVC signals that Korea’s innovation ecosystem is not only software-driven. Public R&D institutions and industrial corporates are actively shaping the next wave of tech-enabled infrastructure services.

Third, profitability precedes scaling in this case. In a global venture climate that has turned cautious since 2022, Netform R&D’s sustained 25 percent-plus operating margins and recurring demand base present a different model from high-burn growth startups.

For global investors and founders, this points to opportunity in aging building renovation tech in Korea. The market size, regulatory drivers, and public-private research infrastructure create an environment where deep-tech industrial solutions can scale with less volatility than consumer sectors.

Industrial Tech as Korea’s Second Growth Layer

Netform R&D’s planned AI safety ICT acquisition and 2026 KOSDAQ IPO target suggest a strategic attempt to reposition building maintenance as an integrated lifecycle management platform.

If successful, the company could demonstrate that Korea’s building maintenance market is not simply a construction afterthought but a technology-enabled services layer with platform potential.

For international founders exploring entry into Korea, this signals that sectors tied to infrastructure, safety, and compliance may offer clearer monetization paths than saturated consumer tech categories.

For policymakers and ecosystem architects, the case reinforces the importance of connecting national research assets such as ETRI with commercially disciplined operators.

Key Takeaways on Netform R&D’s Pre-IPO 2026

• Netform R&D secured KRW 4 billion in pre-IPO funding and is preparing for a 2026 KOSDAQ IPO.
• The company maintains over 25 percent operating margins with strong revenue growth in Korea’s building maintenance market.
• Strategic backing includes ETRI Holdings and GS E&C’s CVC, linking public research and industrial capital.
• Planned acquisition of an AI safety ICT startup signals deeper integration of AI into building lifecycle management.
• Korea’s estimated KRW 25 trillion building maintenance market is emerging as a structured industrial tech opportunity with regulatory and ESG tailwinds.

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