Electronics giant Samsung, NH Investment, and other invetors have jointly led a $25 million funding round for metaverse company DoubleMe.
DoubleMe, a South Korean firm, is one of the most successful metaverse businesses. After launching the metaverse solution TwinWorld, the company has attracted a lot of attention. With the use of augmented reality (AR), the metaverse platform connects the digital and physical worlds.
Albert Kim, Michael Kuczynski, and Heeyoung Kim established DoubleMe in 2015. During the company’s early years, it provided solutions for converting 2D videos into 3D models.
According to DoubleMe, the recent funding from Samsung, NH Investment, and Coentry Investment will help the company develop rapidly. The funds will be used for product development, customer acquisition, marketing, and the hiring of additional personnel, according to the company.
The company also intends to release a commercial edition of TwinWorld. It will include significant upgrades as well as compatibility for AR devices such as the Nreal headsets. The company’s clientele is located in 17 different cities throughout the world.
Many technologies have been successfully introduced into the metaverse by the metaverse corporation. The revenue of DoubleMe had also increased to $4.5 million. The startup had previously earned $1 million in initial capital and obtained a $16 million government grant from South Korea.
T-Mobile, BT, Vodafone, Orange, and Telefonica are among the leading global firms that have backed the startup.
South Korea and the Metaverse
South Korea is a global leader in the metaverse and NFT race, as well as crypto acceptance. South Korea’s government has even established a five-year strategy to become a global metaverse market leader. More than 200 businesses will be involved in the new industry.
South Korean behemoths including SK Group, Samsung, and LG have already unveiled a slew of NFT and metaverse-related projects. The government’s and major corporations’ assistance will help metaverse startups like DoubleMe expand even faster.
