VIRNECT Scores Major Funds for XR Comms Tools

Rory Greener

A Seoul-based enterprise XR solutions provider has secured $30m in funding to build Metaverse tools

Analysis
VIRNECT Scores Major Funds for XR Comms 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.

VIRNECT B2B XR Solutions

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:

  • Make: This tool allows management teams to review industrial-grade AR and digital twin data. On-site workers can access data from one easy to use digital hub.
  • View 2.0: Thanks to VIRNECT’s powerful ARSDK, the company’s flagship product enables on-site workers to place, identify, and review high-quality AR visualisations. Using a smartphone or tablet camera, workers can scan QR codes to place real-time 3D (RT3D) assets anywhere in a physical environment, which workers can review and improve at any time.
  • Remote: Built for B2B use cases, VIRNECT’s remote communications tool combines audio and video conference technology with real-time AR visualisation to provide onsite workers with a streamlined solution for peer-reviewed audits.

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