[Exclusive] Horizon Technology, Operator of AI Stock Analysis Service 'Quantrack', Declared Bankrupt

Horizon Technology Co., Ltd., which has been operating the AI-based retail investor analysis service 'Quantrack', was declared bankrupt by the Seoul Rehabilitation Court on September 17. The court has designated this case as a 'simplified bankruptcy' and plans to proceed with the procedure swiftly.

Horizon Technology Co., Ltd. is the operator of 'Quantrack', an AI-based service that helps retail investors analyze financial statements. Within six months of launching its beta service, it grew rapidly, recording 310,000 cumulative visitors and approximately 20,000 monthly active users (MAU).

The company won the Financial Supervisory Service Governor's Award in 2021, and in 2023, it attracted investment from 'Plug and Play', a Silicon Valley early-stage investor known for investing in Google and PayPal, and 'Goodthings', a UK fintech accelerator.

However, it appears that financial burdens accumulated as the company failed to resolve management difficulties, such as securing funds for service expansion and delays in monetization. The company has not released any separate official statement to date.

Meanwhile, simplified bankruptcy is a system that simplifies and expedites the process compared to regular bankruptcy when the debtor's assets and debt relations are relatively simple, such as when the debtor holds assets worth 500 million won or less at the time of the bankruptcy declaration.

It is judged that the court applied this system considering the situation of Horizon Technology.