A Seoul-based enterprise XR solutions provider has secured $30m in funding to build Metaverse tools
At the start of the new year, South Korean extended reality (XR) software vendor VIRNECT announced it had secured roughly $30 million in capital from a series B funding round.
South Korea-based STIC Ventures, Lotte Ventures, and Hanwha led the series B funding, and further financial support was provided by KTB Network, KB Investment, and KDB Investment Bank.
According to Taejin Ha, Chief Executive of VIRNECT, the massive funding will enable the firm to reach its full potential. In a statement by the company, Ha added,
“Through the funds, we will increase market competitiveness and develop stand-out technologies which will put us on track to become the global leader in the XR category within five years”
Leading Series B Investor and Managing Director for KTB Network, Donghyun Im, added VIRNECT was leading South Korean XR services ahead of its global expansion.
In a statement, Im explained: “This [series B] round will help VIRNECT to become a global company.”
Currently, the firm is working on enterprise-grade XR remote communication solutions for roughly 39 major firms such as LG Chemical and Samsung Electronics. The firm is also working with around 27 commercial companies, including KAC and KEPCO, to provide high-quality XR services.
Since 2016, VIRNECT has operated around the clock to deliver industrial XR solutions and has won 36 awards for its outstanding service. Most recently, the firm received the XR Category Award during the 2021 Korea Metabus Ceremony.
Working from its Austrian and Korean research centers, the acclaimed XR firm has completed more than 100 projects and secured roughly 107 intellectual property rights.
Currently, the VIRNECT product range consists of Make, View 2.0, and Remote, which are powered by VIRNECT’s purpose-built augmented reality software development kit (ARSDK).
Features of VIRNECT’s solutions include:
