The top enterprises of South Korea, including electronics company Samsung and investment firms NH Investment and Coentry Investment, have led a $25 million fundraising round for metaverse startup DoubleMe.
Albert Kim, Michael Kuczynski, and Heeyoung Kim founded DoubleMe in 2015. During its early years, the firm provided solutions for converting 2D movies into 3D models.
DoubleMe, a South Korean company, is one of the leading companies in the metaverse. After launching the metaverse solution TwinWorld, the firm received a lot of attention. With the help of augmented reality (AR), the metaverse platform connects the digital and physical worlds.
The latest funding by Samsung, NH Investment, and Coentry Investment would help DoubleMe develop rapidly. The funds will be used for product development, customer acquisition, marketing, and the hiring of new employees.
In addition, the company intends to release a commercial version of TwinWorld. It will provide significant enhancements and support for AR devices such as the Nreal headsets. Clients of the organisation are located in 17 locations all across the world.
Many technologies have been successfully introduced into the metaverse space by the metaverse company. The revenue of DoubleMe has also increased to $4.5 million. Previously, the company had earned $1 million in initial capital and received a $16 million government grant from South Korea.
Additionally, the company has gained funding from major worldwide corporations such as T-Mobile, BT, Vodafone, Orange, and Telefonica.
