South Korea’s largest companies, including electronics firm Samsung, investment firms NH Investment and Coentry Investment, have led a $25 million funding round for metaverse startup DoubleMe.
DoubleMe was founded by Albert Kim, Michael Kuczynski, and Heeyoung Kim in 2015. During the initial years, the company offered solutions to convert 2D videos into 3D models.
Samsung, NH Investment Pours Funds Into DoubleMe
DoubleMe, a South Korean startup, is one of the leading companies working in the metaverse market. The company has gathered massive attention after it launched the metaverse solution TwinWorld. The metaverse platform combines the digital and physical world with the help of the augmented reality (AR) experience.
The latest funding by Samsung, NH Investment, and Coentry Investment will help DoubleMe grow exponentially, the company said. The company plans to use the funds for product development, customer acquisitions, marketing, and hiring new employees.
Furthermore, the company plans to launch a commercial version of TwinWorld. It will bring major improvements and support AR devices like the Nreal headsets. The company’s clients are spread across 17 cities across the globe.
The metaverse company has been successful in introducing many technologies in the metaverse space. DoubleMe’s revenue had also risen to $4.5 million. Previously, the company had raised $1 million in seed funding and received a $16 million grant from the South Korean government.
Moreover, the company has also received backing from leading global companies including T-Mobile, BT, Vodafone, Orange, and Telefonica.
South Korea’s Push into the metaverse
South Korea is leading the metaverse and NFT race, along with crypto adoption globally. The South Korean government has even announced a 5-year plan to become a global leader in the metaverse market. More than 200 companies will be working in the new field.
South Korean giants such as SK Group, Samsung, and LG have already announced various projects related to NFT and metaverse. The support from the government and leading companies will further grow metaverse companies like DoubleMe.