Samsung Joins $25m Round of South Korean Metaverse Startup

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Samsung Joins $25m Round of South Korean Metaverse Startup

DoubleMe, a South Korea-based metaverse startup, has raised US$25 million in a series A round co-led by Coentry Investment and NH Investment, with participation from Samsung Electronics.

Founded in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim, DoubleMe started with a solution that can convert two-dimensional videos to three-dimensional models. In November 2020, the company launched TwinWorld, a metaverse platform that allows users to build an artificial reality (AR) experience in any physical location.

In a statement, the firm said that its revenue had hit US$4.5 million since TwinWorld’s release. The platform currently has paying customers from 17 cities across the world.

The company plans to use the fresh funding for product development, customer acquisition, marketing, and hiring purposes. It also aims to launch the commercial version of TwinWorld later this year, which can support AR devices such as headsets from Nreal.

Before this round, DoubleMe had raised US$1 million in seed funding and received a US$16 million grant from the governments of South Korea and the UK.

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