Samsung and others raise $25 million for a metaverse startup

A Korean metaverse startup, Doubleme, has raised $25 million in a Series A round that leading South Korean electronics manufacturer Samsung Electronics was part of.

The round was led by Coentry 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.

Doubleme also aims to commercially launch a Twin World metaverse platform that supports artificial reality devices later in the year, the report added.

Twin World, which was launched in November 2020, allows users to create an artificial reality experience in any physical location.

Prior to the latest funding round, Doubleme had previously raised $1 million in seeding funding. In addition, the startup had also received a $16 million grant from the South Korean and the U.K. government.

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