Samsung Leads in Funding Round of Metaverse Company DoubleMe, Invests $25 Million
Lately, Samsung has been focused on developing the metaverse. After unveiling its Samsung 837X in early Q1, the South Korean tech giant recently led a seed round of DoubleMe – another metaverse company based in the Southeast region, with a $25M investment.
Samsung was joined by other big companies, such as Coentry and NH Investment, to advocate support for the emerging startup regarding funding. Global companies, such as T-Mobile, have also backed DoubleMe, as it sets to scale through a major phase.
Company is Set to Disrupt the Crypto World
DoubleMe, founded seven years ago, is an initiative of Heeyoung and Albert Kim, and Michael Kuczynski. It was developed to offer a clean and clear conversion of videos to 3D. The company has unveiled several innovative techs into the virtual space.
DoubleMe is seen as an innovation in the metaverse, which is why it’s attracting major corporations and investors. The company captured the hearts of many after successfully establishing TwinWorld – a metaverse-based platform for AI and AR. It is proof that the platform will grow to an unprecedented height in the crypto space.
DoubleMe will also focus on Augmented Reality. It aims to create a synergy that connects the physical to the virtual world. The funds raised by Samsung and other companies will see to that and help accelerate the platform’s growth.
Aside from that, the funds will be allocated towards enhancing marketing and staff development. As of this writing, the platform has a market value of $4.5M. Thanks to Samsung’s investment, the company could be worth double in a few months.
South Korea Vested in NFT Adoption in Southeast Asia
Southeast Asia countries, such as Singapore, Thailand, and South Korea, are fully embracing cryptocurrency and NFT, but the latter is the most progressive. The government, alongside private institutions, is fully interested in the metaverse.
South Korea has set up a five-year plan to position the country as a leader in the crypto and NFT space. There’s no doubt that South Korea aims to be the crypto hub of Asia, especially with China out of the picture.
Hundreds of businesses in the jurisdiction share in the government’s five-year plan. It’s not a surprise, considering hat South Korea witnessed a high rate of cryptocurrency adoption last year. It paved the way for more opportunities in the NFT scene.
The funding by global and local companies has helped DoubleMe gain popularity, and will help it execute other plans. The company is on the verge of launching a commercial aspect of TwinWorld to bring significant support to AR headsets.
Meanwhile, Samsung isn’t done yet with the metaverse, as it plans for further exploration and investment. Although, the company is yet to reveal its next move.