Samsung invested in the TwinWorld metaverse developer

In total, the project raised $25 million in funding

21.04.2022 - 15:25

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What’s new? The South Korean developer of the TwinWorld metaverse, startup DoubleMe, has raised $25 million in a Series A round led by Samsung Electronics and investment firms Coentry Investment and NH Investment. This is reported by Tech In Asia.

Information on the Tech In Asia website

How will DoubleMe dispose of the investments? The company plans to use the funding for product development, customer acquisition, marketing, and hiring. At the end of the year, it intends to launch the commercial version of TwinWorld, which will support AR devices such as headsets from Nreal.

What is known about the startup? DoubleMe, a project, was founded in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim. It proposed a solution that allows converting two-dimensional videos to three-dimensional models. In November 2020, the company launched TwinWorld, a metaverse platform, which merges the virtual and physical worlds using augmented reality (AR). Since the launch of TwinWorld, the company’s revenue has amounted to $4,5 million.

What had happened before? In February, the Ministry of Science, ICT and Future Planning of South Korea allocated 223,7 billion won to create a Metaverse ecosystem for the development of corporations and digital content in the country.

In March, South Korean presidential candidates Lee Jae-myung and Yoon Suk-yeol held an electoral campaign on the local cable TV network MBN’s metaverse. The politicians created their own avatars and answered voters’ questions in an online format. The candidates made campaign promises regarding the protection of citizens’ digital assets

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