Samsung Invests In $25M Funding Round Of Metaverse Firm DoubleMe

Varinder Singh
April 21, 2022
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Samsung Invests In $25M Funding Round Of Metaverse Firm DoubleMe

South Korea’s largest companies, including electronics firm Samsung, investment firms NH Investment and Coentry Investment, have led a $25 million funding round for metaverse startup DoubleMe.

DoubleMe was founded by Albert Kim, Michael Kuczynski, and Heeyoung Kim in 2015. During the initial years, the company offered solutions to convert 2D videos into 3D models.

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Samsung, NH Investment Pours Funds Into DoubleMe

DoubleMe, a South Korean startup, is one of the leading companies working in the metaverse market. The company has gathered massive attention after it launched the metaverse solution TwinWorld. The metaverse platform combines the digital and physical world with the help of the augmented reality (AR) experience.

The latest funding by Samsung, NH Investment, and Coentry Investment will help DoubleMe grow exponentially, the company said.  The company plans to use the funds for product development, customer acquisitions, marketing, and hiring new employees.

Furthermore, the company plans to launch a commercial version of TwinWorld. It will bring major improvements and support AR devices like the Nreal headsets. The company’s clients are spread across 17 cities across the globe.

The metaverse company has been successful in introducing many technologies in the metaverse space. DoubleMe’s revenue had also risen to $4.5 million. Previously, the company had raised $1 million in seed funding and received a $16 million grant from the South Korean government.

Moreover, the company has also received backing from leading global companies including T-Mobile, BT, Vodafone, Orange, and Telefonica.

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South Korea’s Push into the metaverse

South Korea is leading the metaverse and NFT race, along with crypto adoption globally. The South Korean government has even announced a 5-year plan to become a global leader in the metaverse market. More than 200 companies will be working in the new field.

South Korean giants such as SK Group, Samsung, and LG have already announced various projects related to NFT and metaverse. The support from the government and leading companies will further grow metaverse companies like DoubleMe.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.