Samsung Joins $25m Round Of South Korean Metaverse Startup

Samsung Joins $25m Round Of South Korean Metaverse Startup

Samsung has invested $25 million in DoubleMe, a metaverse firm based in South Korea, after establishing their own Metaverse store dubbed Samsung 837X in January 2022.

Samsung Venture Investment and RHK participated in the investment as strategic investors, while Coentry, BNK Capital, VS Investment, NH Investment & Securities, Hanwha Investment & Securities, Hana Financial Investment, Shinhan Capital, IBK Investment & Securities, Timefolio, and Su Investment participated in the financial investment. Currently, it has completed attracting about 25 billion won in investment and is making an additional 5 billion won worth of investment.

Investors who participated in the investment explained the background of the investment that they made this investment in anticipation of future growth as Double Me has core technology capabilities to implement the metaverse platform and is rapidly expanding its business by carrying out projects with many partners.

In addition, even though it is in the A-stage of the series, it received positive reviews on technology excellence and growth potential through this investment attraction, such as signing contracts with NH Investment & Securities and Hanwha Investment & Securities as listed organizers.

DoubleMe, founded in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim, started with a solution that can convert two-dimensional videos to three-dimensional models. In November 2020, the company launched TwinWorld, a metaverse platform that allows users to build an artificial reality (AR) experience in any physical location. It combines holograms, telepresence, spatial scanning and more in customizable social mixed reality. Users can place digital objects into the real world by simply using their hands. It will be able to support AR devices like Nreal headsets. The company had previously pooled together $17 million inc capital including $1 million in the seed round and a $16 million grant from the South Korean government.