Samsung Raised $25 Million for a Metaverse Startup
Korean metaverse startup Samsung is declared to have raised $25 million. the round was led by Country investment and NH investment.
According to a Techinasia report the startup, which was founded in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim, will use the funds raised for product development, marketing, and hiring purposes.
Double also plans to commercially launch a Twin World metaverse platform that supports artificial reality devices later in the year.
Twin World, which was launched in November 2020, allows users to create an artificial reality experience in any physical location since its launch the platform has generated about $4.5 million from its paying customers that are found across 17 cities.
Before the latest funding round, Double had raised $1 million in seeding funding, the startup had also received a $16 million grant from the South Korean and the U.K. government Samsung has been doubling down on metaverse and NFT concepts for quite some time.
At the end of March Samsung, collaboration with Nifty Gateway to integrate NFT tech into the firm's lineup of smart television products, During the first week of January, Samsung launched a virtual version of the company's electronics store in the Decentraland metaverse world