Tech and electronics giant Samsung has committed $25 million of investments on DoubleMe, an up and coming South Korean metaverse startup. The funding round also saw the participation of other major South Korean corporations such as NH Investment and Coentry Investment.
DoubeMe’s early vision in 2015 came with the introduction of a solution that could convert two-dimensional videos to three-dimensional models rendered through its tech. The firm later shifted to the metaverse in 2020, with the launch of TwinWorld, a metaverse platform enabling users to build AR (augmented reality) experiences on any physical environment.
DoubleMe now specializes in real-time personal volumetric capture technology, which it is currently developing and expanding in partnership with several telecom companies, enabling volumetric video capture technologies, including real-time human and spatial 3D scanning, as well as on-demand streaming on cloud-based graphics processing through 5G Mobile Edge Computing (MEC).
According to DoubleMe, its revenue has gone up to $4.5 million since the launch of TwinWorld, and it is now looking to expand its operations from 17 key cities to a global market. DoubleMe’s latest round of investments will be used to support product development, customer acquisition, marketing, and personnel expansion. DoubleMe’s TwinWorld metaverse platform will also be launching a commercial version later in the year, with additional integration and support for AR devices such as Nreal AR headsets.
DoubleMe’s latest round is in continuity with its seed funding round, in which the firm raised $1 million, and later also received a $16 million grant from the South Korean and UK governments. DoubleMe also has concurrent investments and partnerships with a slew of global corporations such as T-Mobile, BT, Vodafone, Orange, and Telefonica, which are key players in the telecommunications and mobile phone industries.
Samsung’s play into the metaverse and NFT market is continuing with this strategic investment in DoubleMe. Earlier this year, Samsung unveiled its latest smart TV series which featured NFT capabilities. Samsung has also added a crypto and NFT compatible wallet functionality for its latest line of flagship phones. The tech giant also has an ongoing partnership with NFT marketplace Nifty Gateway to develop the world’s first smart TV NFT platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.