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Thursday, February 16, 2023
HomeBitcoinSamsung Participates in Series A Spherical That Raised $25 Million for a...

Samsung Participates in Series A Spherical That Raised $25 Million for a Metaverse Startup – Metaverse Bitcoin News


A Korean metaverse startup, Doubleme, is alleged to have raised $25 million in a Series A spherical that noticed the main South Korean electronics producer Samsung Electronics participate.

Capital Raised to Fund Marketing Efforts

The South Korean electronics and smartphone maker Samsung is reported to have participated in Series A funding which raised $25 million for a Korea-based metaverse startup, Doubleme. The spherical was led by Coentry Investment and NH Investment.

According to a Techinasia report, the startup, which was based in 2015 by Albert Kim, Michael Kuczynski, and Heeyoung Kim, will use the funds raised for product growth, advertising and marketing and hiring functions.

Doubleme additionally goals to commercially launch a Twin World metaverse platform that helps synthetic actuality units later within the 12 months, the report added.

Twin World, which was launched in November 2020, permits customers to create a synthetic actuality expertise in any bodily location. Since its launch, the platform has generated about $4.5 million in income from its paying clients which might be discovered throughout 17 cities.

Prior to the newest funding spherical, Doubleme had beforehand raised $1 million in seeding funding. In addition, the startup had additionally obtained a $16 million grant from the South Korean and the U.Ok. authorities. Samsung has been doubling-down on metaverse and NFT ideas for fairly a while.

At the tip of March, Samsung partnered with Nifty Gateway with a purpose to combine NFT tech into the agency’s lineup of good tv merchandise. During the primary week of January, Samsung launched a digital model of the corporate’s electronics retailer within the Decentraland metaverse world.

What are your ideas on this story? Tell us what you assume within the feedback part beneath.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively concerning the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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