South Korea’s metropolis fuel and vitality group Daesung’s enterprise capital subsidiary not too long ago established a fund value 110 billion Korean received (about US$84.5 million) for increasing investments into startups within the metaverse business, native media shops reported Thursday.
See associated article: South Korea’s Shinhan Financial institution begins ‘metaverse’ companies, in keeping with native media
Quick details
- Daesung Personal Fairness introduced Wednesday the launch of the Daesung Metaverse Scale-up Fund, which the corporate claims to be the biggest metaverse fund in South Korea, in keeping with native reviews.
- The fund will focus its investments in startups specializing in synthetic intelligence (AI), prolonged actuality (XR), blockchain and digital twin applied sciences.
- Korea Enterprise Funding Corp., the nation’s government-backed fund of funds, invested 60 billion received (US$46 million), with different restricted companions together with the Industrial Financial institution of Korea (IBK), Shinhan Capital Co. Ltd. and different subsidiaries of the Daesung Group.
- Daesung Personal Fairness has beforehand invested in PUBG: Battlegrounds sport maker KRAFTON and Korea-based crypto trade Upbit operator Dunamu Inc.
- Established in 1947, Daesung Group operates oil, fuel and renewable vitality firm Daesung Industrial Co., Ltd., which in 2021 recorded a income of 793 billion received (about US$610 million), and 7 different sizable subsidiaries, in keeping with its web site.
- Earlier this 12 months in February, South Korea’s science ministry introduced a 223.7 billion received (about US$172 million immediately) funding in rising the nation’s metaverse ecosystem.
See associated article: S. Korea releases moral pointers for the metaverse
