• Samsung contributes to DoubleMe’s $25 million funding round

  • The top companies in South Korea, including electronics giant Samsung and investment firms NH Investment and Coentry Investment, have led a $25 million funding round for metaverse startup DoubleMe.

    Albert Kim, Michael Kuczynski, and Heeyoung Kim established DoubleMe in 2015. During its early years, the company provided solutions for converting 2D videos into 3D models.

    Samsung and NH Investment both invest in DoubleMe.

    DoubleMe, a South Korean startup, is one of the market leaders in the metaverse. After launching the metaverse solution TwinWorld, the company attracted a lot of attention. The metaverse platform merges the digital and physical worlds through the use of augmented reality (AR).

    According to the company, the latest funding from Samsung, NH Investment, and Coentry Investment would help DoubleMe develop rapidly. The monies will be used for product development, customer acquisition, marketing, and the hire of additional personnel.

    In addition, the business 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 organization are located in 17 locations throughout the world.

    Many innovations in the metaverse domain have been successfully introduced by the metaverse corporation. The revenue of DoubleMe had also increased to $4.5 million. Previously, the company had earned $1 million in initial capital and won a $16 million government grant from South Korea.

    Furthermore, the company has gained funding from major global corporations such as T-Mobile, BT, Vodafone, Orange, and Telefonica.

    South Korea’s Advance Into the Metaverse

    South Korea is at the forefront of the metaverse and NFT races, as well as global crypto acceptance. South Korea’s government has even established a five-year strategy to become a global leader in the metaverse sector. More than 200 enterprises will be involved in the new industry.

    South Korean conglomerates like as SK Group, Samsung, and LG have already announced many NFT and metaverse projects. The government’s and top firms’ assistance will help metaverse companies like DoubleMe flourish even further.

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