Seoul-based startup Urbanbase, which operates a 3D spatial data platform for interior planning and design, has raised $11.1 million or 13 billion won in a Series B+ round. The round of funding was led by Hanwha Hotel & Resort, a subsidiary of South Korean conglomerate Hanwha Corporation. Urbanbase, founded in 2013 by the chief executive officer and a former architect Jinu Ha, has now raised $20 million (approximately 23 billion won) in total.
Latest funding to be used to enhance Metaverse tools
The company is creating and servicing the core technologies of Metaverse, such as VR, AR, and 3D space. In May 2021, in recognition of its innovativeness in the metaverse field, it was selected as the ‘National Representative of Innovative Companies 1000’ by the Financial Services Commission and the Ministry of SMEs and Startups.
Urbanbase will use the latest funding to enhance its B2B SaaS, investing in R&D for advanced virtual reality (VR), augmented reality (AR) and 3D tools. Urbanbase plans to enter the global metaverse market, whose size is projected to increase $280 billion by 2025 from $30.7 billion in 2021, based on Strategy Analytics’ report. Urbanbase also plans to upgrade its home interior software platform, Urbanbase Studio, which transforms 2D indoor space pictures into 3D displays.
Plans to enter Singapore & launch service in English
Urbanbase claims 50,000 monthly active users with 70,000 registered B2C users. The company has about 50 B2B customers. “Most of our B2B clients are large conglomerates in South Korea and Japan, for example, LG Electronics, Japan-based Mitsubishi Real Estate Service, Nitori Holdings, Dentsu Group and SoftBank, but we would like to extend our B2B clients base to small, midsized companies and bring more B2C users after closing the Series B+ funding,” CEO Ha mentioned in a media statement.
Urbanbase is also wanting an acquisition target in prop-tech and construction technology sectors, as per reports. Currently, the startup is focusing on developing the interior tools for apartment buildings because about 70-80 percent of total households in South Korea and Japan live in apartments, “It currently operates the platform in Korean and Japanese, but it will add English language service prior to entering in Singapore in the end of 2021,” Ha said.
Urbanbase’s existing investors did not join the round. The company had raised Series A funding of $1.8 million and an additional $1.2 million in 2017 and its first Series B round in April 2020, from backers that included Shinsegae Information & Communication, Woomi Construction, SL Investment, KDB Capital, Shinhan Capital, Enlight Ventures, CKD Venture Capital, and Breeze Investment.
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