Captivision Inc. (CPTAF)

Captivision Inc. is a Cayman Islands exempted company, incorporated in February 2023, that holds no material assets other than its equity interests in its wholly-owned subsidiaries, Exchange Sub and Captivision Korea. Captivision Korea was founded in Seoul in 2005, re-founded in 2011 as G-SMATT Co., Ltd., later operated as GLAAM Co., Ltd., and was renamed Captivision Korea Inc. in 2024. It is the exclusive developer and manufacturer of G-Glass, an architectural media glass that combines architectural glass with large-scale, customizable LED digital media displays. The company describes G-Glass as the world's first IT-enabled construction material, able to turn buildings into digital media devices. It reports over 490 architectural installations worldwide and entered a merger with Jaguar Global Growth Corporation I to become Nasdaq-listed.

G-Glass is laminated glass with embedded LEDs, driven by electronics housed in the surrounding aluminum mullion frames. The company says it is more than 99% transparent and designed for a 30-40 year architectural lifespan. Panels come in sizes up to nine feet by four and a half feet, with LED pitches from 20 to 80 millimeters, in color or monochrome. They can be customized with mirrored, low-iron, toughened or coated glass, double glazing and frit patterns. The company offers a complete in-house solution that includes framing, drivers, controllers, software, media content, installation, repair and accessory parts. Applications include building façades (new build, internal and external rain façade installations), bridge railings, handrails, bus shelters, showroom partitions, and the event products G-Tainer and G-Wall. It is also pursuing content, interactive, broadcasting and messaging services, and a Glass as a Service model under which it would typically retain 80% of media and advertising revenue. Product development efforts include photovoltaic integration and smaller pixel pitch products.

Customers include automotive brands, commercial retailers, hospitals, sporting institutions, music and film production companies, transportation hubs, telecommunications companies, and property developers. Examples include BMW, Porsche, Netflix, Hulu, View Hospital in Doha, Incheon Airport, the Mohegan INSPIRE resort and the Magok MICE complex. Historically, demand has been strongest in large commercial and governmental projects in APAC and EMEA, with most growth in South Korea and expanding activity in the United States, United Kingdom and the Middle East. Revenue was $14.6 million in 2023, $20.2 million in 2022 and $9.4 million in 2021. Roughly 64 projects were in the proposal phase, and the company sells through direct marketing, architect seminars, trade shows and a reseller network.

The company describes itself as vertically integrated, controlling glass lamination, frame manufacturing, electronics, software, delivery and installation. All products are made at its Pyeongtaek, South Korea facility, which it says has capacity of over 700,000 square feet of G-Glass per year, about $220 million of revenue, with current output at roughly 12% of that. Its production machinery is largely proprietary, and it has developed over 30 proprietary raw materials and holds over 20 patents. It sources LEDs and resin from global suppliers and holds CE, EN, China Compulsory Certificate and Korea Certification approvals. For some projects it relies on third-party façade engineering firms for installation. Headquarters are in Pyeongtaek, Gyeonggi-do, South Korea, with offices in the United States, United Kingdom, Japan and China including Hong Kong. The company says it faces little direct competition in fully transparent media glass, but names no specific competitors.