DoubleMe Raises $25 Million in Funding to Expand Real-world Metaverse Platform ‘TwinWorld’
A series A funding round led by Coentry Investment and NH Investment saw the Korean metaverse company DoubleMe raise $25 million, with Samsung as lead. The Korean company is a metaverse startup, brining AR/ VR technologies directly to consumers.
How it Works
Two-dimensional recordings are converted into three-dimensional visuals with the help of DoubleMe, founded in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim. Earlier this year, TwinWorld, a metaverse platform that allows individuals to construct an artificial reality (AR) encounter in any real-world location, was made available.
It was announced that revenues have increased to US $4.5 million since the launch of TwinWorld, according to a business statement. Clients are currently making purchases for the platform in 17 cities worldwide.
The money will be utilized for product development, customer acquisition, marketing, and the hiring of additional employees. A commercial version of TwinWorld, which will support augmented reality devices such as Nreal’s headgear, is also expected to be released later this year by the company.
In the years leading up to this phase, DoubleMe had acquired $1 million in seed financing and secured US$16 million in funding from the governments of South Korea and the United Kingdom, respectively.
Article Source: Korea Tech Desk
Image Sources: DoubleMe