IVWORKS, a South Korean startup specializing in power semiconductor materials, has closed a pre-IPO funding round worth approximately $4 million (KRW 6 billion), bringing its total cumulative investment to over $30 million (KRW 45 billion).

The round saw strong follow-on participation from existing shareholders, including iM Investment Partners and Enlight Ventures, signaling continued confidence in the company’s technology and long-term growth potential. IVWORKS plans to direct the proceeds toward upgrading its mass production infrastructure to meet growing global demand — particularly from the AI server power conversion market and the defense sector. The company’s strategy centers on building a more resilient supply chain and rapidly expanding global supply capacity.

Beyond scaling production, IVWORKS is accelerating the expansion of its technology-driven service portfolio. At the heart of this effort is reGaN, a proprietary material the company claims to be the only supplier manufacturing at scale worldwide. Built on its distinctive epi-wafer technology, reGaN reduces the contact resistance of power devices by a factor of ten, delivering meaningful improvements in thermal performance and energy efficiency. IVWORKS has been supplying the material to major global foundries since last year and recently completed quality certification, paving the way for full-scale commercial shipments. The company intends to leverage reGaN as a differentiated process solution to strengthen its global footprint and accelerate customer acquisition.

With this funding round, IVWORKS is also moving forward with a formal KOSDAQ listing process. KOREA INVESTMENT & SECURITIES has been appointed as the lead underwriter, and the company will pursue listing through the technology special-listing track. A technology evaluation is currently being prepared, with subsequent steps — including filing for a preliminary listing review — to follow upon its completion.

“This investment reflects the trust and support of our existing shareholders, who understand our vision better than anyone,” said CEO Youngkyun Noh. “With the funds secured, we will prove our unrivaled competitiveness in the global power semiconductor materials market through advanced production infrastructure and a thorough IPO preparation process.”