Korean Metaverse Startup DoubleMe Raises $25M Backed by Samsung

South Korea-based metaverse startup DoubleMe has raised $25M in a Series A round co-led by Coentry Investment and NH Investment and backed by Samsung.
Images source: DoubleMe.com

Quick take:

  • Samsung has joined a $25 million funding round for South Korea-based metaverse startup DoubleMe.
  • The Series A round was co-led by Coentry Investment and NH Investment.
  • DoubleMe founded TwinWorld a metaverse platform that allows users to build an artificial reality experience in any physical location.

DoubleMe has secured $25 million in a Series A funding round co-led by Coentry Investment and NH Investment. Global electronics giant Samsung also participated in the fundraising. Founded in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim, the metaverse company started by offering a solution for converting 2D videos into 3D models.

DoubleMe said its cumulative revenue had risen to $4.5 million since releasing its disruptive 2D-3D video converter. Its client is spread across 17 cities around the world giving it a global outlook.

The new fundraising will play a crucial role in the company’s growth plans. DoubleMe said it will use the funds for product development, customer acquisition, marketing, and hiring purposes.

It is also planning to launch a commercial version of TwinWorld, which 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.

The Asian country is one of the leading proponents of the metaverse after launching a multi-pronged plan to become one of the leading markets in the new industry. South Korea launched a strategy that will involve 200 privately-held companies focusing on metaverse.

DoubleMe fits squarely in this category with its technology that offers businesses the ability to make a 3D model of any person, object, or place. Users can also deploy 3D holograms, enabling them to interact with 3D contents, thus augmenting their creativity. 

Moreover, the platform’s shared reality experiences feature allows users to explore shared AR worlds from anywhere.

DoubleMe’s innovative products have drawn backing from some of the leading telecommunications companies in the world. Samsung, T-Mobile, BT, Vodafone, Orange and Telefonica are just but a few to mention in a long list of partners.

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