The Metaverse startup DoubleMe has received $25 million in funding from some of South Korea’s major corporations. The list includes Samsung, NH Investment, and Coentry Investment. Albert Kim, Michael Kuczynski, and Heeyoung Kim created DoubleMe in 2015. At first, the company provided solutions for converting 2D videos into 3D models.
The Investment In DoubleMe
An important player in the Metaverse market is the South Korean startup DoubleMe. By launching their Metaverse solution, TwinWorld, the company got lots of attention. Additionally, the Metaverse platform uses augmented reality (AR) to connect the digital and physical worlds.
According to DoubleMe, the latest round of funding from Samsung, NH Investment, and Coentry Investment will help the company grow rapidly. As a result, they will use these funds for product development, customer acquisitions, marketing, and hiring new workers.
On the other hand, soon, TwinWorld will be available in a commercial version. Devices like Nreal headsets will be able to take advantage of the new features. The company’s users are located in 17 locations throughout the world.
Many new technologies have been added to the Metaverse space. Even DoubleMe’s income has grown. Its worth is now $4.5 million. A few years ago, the company raised $1 million in seed money and got a $16 million grant from the South Korean government.
Furthermore, the company has received support from some of the world’s biggest companies, like T-Mobile, BT, Vodafone, Orange, and Telefonica.
South Korea Investment in the Metaverse
South Korea is the leader in the Metaverse and non-fungible token (NFT) race, as well as the global adoption of crypto. There is even a 5-year strategy to make South Korea the world’s Metaverse market leader. More than 200 businesses will be involved in the new industry.
In addition, some of South Korea’s corporations have already revealed projects connected to NFT and the Metaverse. DoubleMe and other Metaverse enterprises will expand as a result of the support of the government and major corporations.