Samsung, the world’s largest electronics company, has invested $25 million in DoubleMe, a promising South Korean metaverse business. In addition, other significant South Korean firms, such as NH Investment and Coentry Investment, participated in the investment round.
In 2015, DoubeMe introduced a system that could turn two-dimensional films into three-dimensional models created with its technology. In 2020, the company transitioned to the metaverse with the debut of TwinWorld, a metaverse platform that allows users to create augmented reality (AR) experiences in any actual space.
DoubleMe now specializes in real-time personal volumetric capture technology, which it is currently developing and expanding in collaboration with several telecom companies. As a result, volumetric video capture technologies, such as real-time human and spatial 3D scanning, and on-demand streaming on cloud-based graphics processing through 5G Mobile Edge Computing, are now possible (MEC).
Since the debut of TwinWorld, DoubleMe’s income has increased to $4.5 million, and the company is now trying to extend its operations beyond 17 important locations to a global market. The current amount of funding for DoubleMe will go toward product development, customer acquisition, marketing, and employee growth. Later this year, DoubleMe will release a commercial version of its TwinWorld metaverse platform, including more integration and support for AR devices like Nreal AR headsets.
DoubleMe’s current round follows on from its seed investment round, in which the company raised $1 million and later got a $16 million grant from the governments of South Korea and the United Kingdom. In addition, T-Mobile, BT, Vodafone, Orange, and Telefonica, all major telecoms and mobile phone sectors, have parallel investments and agreements with DoubleMe.
With this strategic investment in DoubleMe, Samsung continues its foray into the metaverse and NFT sectors. Samsung announced its newest smart TV series earlier this year, including NFT capabilities. Furthermore, Samsung has recently incorporated support for crypto and NFT wallets into its current series of flagship phones. In addition, the IT giant is working with NFT marketplace Nifty Gateway to create the world’s first smart TV NFT platform.