Korean 3D spatial data tool startup Urbanbase closes $11.1M Series B+ round – TechCrunch

Urbanbase, a Seoul-based firm that develops a 3D spatial information platform for inside planning and design, introduced immediately it has raised $11.1 million (13 billion received) in a Collection B+ spherical because it scales up.

This spherical of funding was led by Hanwha Lodge & Resort, which is a subsidiary of South Korean conglomerate Hanwha Company.

Urbanbase, based in 2013 by chief government officer and a former architect Jinu Ha, has now raised $20 million (roughly 23 billion received) in complete.

Present traders didn’t be part of this spherical. The corporate had raised Collection A funding of $1.eight million and a further $1.2 million in 2017 and its first Collection B spherical in April 2020, from backers that included South Korea-based Shinsegae Data & Communication, Woomi Building, SL Funding, KDB Capital, Shinhan Capital, Enlight Ventures, CKD Enterprise Capital, and Breeze Funding, Ha mentioned.

The most recent funding might be used for enhancing its B2B SaaS, investing in R&D for superior digital actuality (VR), augmented actuality (AR) and 3D instruments, that are thought of core applied sciences of metaverse that’s its new enterprise Urbanbase plans to enter, in line with Ha. International metaverse market measurement is projected to extend $280 billion by 2025 from $30.7 billion in 2021, based mostly on Technique Analytics’ report.

Firms that target alternatives within the so-called “metaverse” have been rising as a part of a next-generation strategy to constructing viable enterprise fashions in areas like digital and augmented actuality, and all of the {hardware} and software program and new tech which might be being constructed for them. Huge tech companies, starting from Fb, Intel to Microsoft, are focusing on to maneuver within the space. Apple additionally waded into the world of digital actuality, engaged on creating a high-end VR headset.

Urbanbase additionally plans to improve its house inside software program platform, Urbanbase Studio, that has features to rework 2D indoor area pictures into 3D shows by way of Urbanbase’s patented algorithm, visualize inside merchandise in augmented actuality and analyze spatial pictures based mostly on the AI expertise.

Urbanbase claims 50,000 month-to-month energetic customers with 70,000 registered B2C customers. The corporate has about 50 B2B prospects.

“Most of our B2B purchasers are massive conglomerates in South Korea and Japan, for instance, LG Electronics, Japan-based Mitsubishi Actual Property Service, Nitori Holdings, Dentsu Group and SoftBank, however we wish to prolong our B2B purchasers base to small, midsized corporations and produce extra B2C customers after closing the Collection B+ funding,” Ha talked about.

Urbanbase is searching for an acquisition goal in prop-tech and development expertise sectors, Ha advised TechCrunch. Urbanbase at the moment focuses on creating the inside instruments for condo buildings as a result of about 70-80 p.c of complete households in South Korea and Japan reside in residences, Ha mentioned, including that it’s going to diversify its portfolio by buying a startup that covers various kinds of residence.

It at the moment operates the platform in Korean and Japanese, however it can add English language service previous to getting into in Singapore in the long run of 2021, Ha mentioned.

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