Virnect, a Seoul, South Korea-based industrial XR (Extended Reality) solutions company, raised $30m in series B funding.
The round was backed by notable Korean VCs STIC Ventures, Lotte Ventures, strategic investor Hanwha, and institutional investors KTB Network, KB Investment, and KDB Investment Bank.
With the funds, the company is planning to expand its industrial XR ecosystem, source talented personnel, develop differentiated product offerings, increase its ability for global marketing and other activities.
Founded in 2016 and led by CEO Taejin Ha, Virnect offers a range of industrial XR solutions from remote collaboration to facility digitalization and monitoring and has implemented them with LG Chemical, Samsung Electronics, and 39 others and subsidiaries and 27 in the public sector which includes KAC and KEPCO. It has completed over 100 projects, obtained 107 intellectual property rights and 36 awards for product performance.
Through its Austrian and Korean research centers, the company has focused on creating its in-house developed AR-SDK (Augmented Reality – Software Development Kit) core technology which it is using to provide solutions that are native to XR.
IPO is expected on the KOSDAQ exchange this year.