Kakao Enterprise, a subsidiary of South Korean messaging app giant Kakao Corp, has raised 100 billion won ($92 million) from Korea Development Bank (KDB) in a deal that valued the artificial intelligence services company at 1.13 trillion won.

It is the largest investment made by KDB in a scale-up company. Kakao Enterprise received the highest rating from the bank for technology capabilities, the company said in a media release on Wednesday (January 6).

The state-controlled bank now owns 1,366,774 shares in the company, becoming the second-largest shareholder with an 8.8% stake. The shareholding held by its parent company Kakao Corp was reduced from 95.91% to 86%.

The deal valued 100% of the enterprise software company at 1.13 trillion won, which represents growth of nearly 14 times in only one year since its launch in December 2019. KDB focused on Kakao’s ability to serve enterprise customers, based on its success with Kakao Talk, the country’s largest messaging app. Many consumers are already familiar with the app’s interface, giving Kakao Enterprise a competitive edge.

The company will use the proceeds to develop and upgrade its services. This year it plans to launch Kakao i Cloud, a private cloud service for enterprises, and other new platforms for artificial intelligence data services and other business services.

With its value jumping to more than 1 trillion won, Kakao Enterprise will likely join Kakao group’s other candidates for an initial public offering (IPO) in the coming years.

Kakao Pay, Kakao Bank and mobile content platform Kakao Page plan to have their IPOs this year and early next year, while Kakao Mobility and Kakao Commerce are also aiming to go public by next year. Estimated values of these companies range from 2 trillion won to 7 trillion won. Industry watchers expect Kakao Enterprise’s IPO to happen in 2023 or 2024. (Reporting by Sang-woo Seong)