Na, its just a form of Tae Kwon Do. It's founder trained with Gichin Funakoshi in Okinawa, commonly known as the father of modern day karate.
While I respect the tradition and I find the kata and form very interesting, I find the practicality of a lot of "traditional" martial arts to be lacking.
I am a huge fan of Jeet Kune Do, founded by non other than Bruce Lee. It isn't actually a style of martial arts, that is a common misconception. It is a principal to be applied to martial arts. Basically, "the style of no style". He would offend some martial arts gurus by mixing styles and saying, you may have the best side kick, but this style has a better roundhouse. He would study various styles and if he found a better way to do [insert move here], he would adapt to it. That is why you never see Bruce Lee's name with a style of fighting.
There isn't a perfect martial art, Kickboxing and Muay Thai are both great, but they aren't rounded out. Both have serious flaws if you end up on the ground or something. Muay Thai is very interesting, its kicks are not "snap" kicks like in karate - the are more like getting hit with a baseball bat than a whip. They teach you to follow through with the motion instead of pulling it back after impact. I'll take a kick from a black belt in karate any day over a kick from a Muay Thai fighter.
The best it has ever been put to me is like this - you have 4 zones you can fight in - Kicking range, Punching range, close in ( think bear hugs, knees and elbows) and on the ground. If you want to be an effective fighter, you need to be able to handle yourself in easy of the 4 zones. When I was 17 I had a older friend (30ish) who had multiple black belts. He is the one that told me the zone thing. He said he spent the first 5 years on just Tae Kwon Do and could do some really beautiful kicks in the air, but he realized after 5 years he had made a mistake. He said, If I would have gotten in a bar fight, I would have had my ass handed too me - If I had a chance to start over, I would take about 2 years Ju-jitsu for the ground and close in range, about a year of traditional American boxing for the punching range and about 2 years Tae Kwon Do, Muay Thai or Kickboxing for the Kicking range.
I love ju-jitsu (brazil, not japan), krav manga and Haganah. Muay Thai is probably my favorite for kicks.
I did take some wado-do Karate and liked the traditional stuff, but it was better for helping me relax, not fight. I like both, I just don't see the need to mix them. So, I switched and started training at a MMA (aka cage fighting) class and took yoga separately.