Following a year of investments, Seoul-based spatial data firm Urbanbase has announced the successful completion of a Series B round of funding.
Hanwha Hotels & Resorts secured Urbanbase with $11 million USD in the fundraiser.
The news comes as Urbanbase saw initial successes in its Series A funding round, backed by several South Korean firms such as Woomi Construction, SL Investment, and KDB Capital, among others.
Both funding rounds totalled $20 million, allowing the firm to upgrade its Urbanbase Studio from a 2D platform to a 3D one.
Urbanbase Studio allows users to create 2D renders of interiors and products for use in construction, hotel management and individual home use.
Potential use cases could range from hotel chains offering 3D walkthroughs of their resorts to factories using 3D renders of their facilities for routine equipment checks.
Additionally, the Series B funding will allow the South Korean firm to expand into mixed reality (MR) and Metaverse business opportunities.
The Future of 3D Spatial Data and the Metaverse
News of the fundraiser comes as US 3D technology firm Matterport announced the development of its Habitat-Matterport 3D Research Dataset (HM3D), a growing database of digital twins of indoor spaces.
GM of Matterport Capture Services, Brendan Dowdle, explained at the time how businesses could benefit from a 3D spatial data platform:
“Customers in a variety of industries have come to rely on the value of 3D digital twins whether supporting the design, building, selling or leasing of a space; managing a property remotely; generating critical data to support a renovation, and more”
The rise of both companies shows how 3D spatial data and the Metaverse can benefit international businesses, leading to improved spatial solutions for the growing digital twins industry.
