January 17, 2021 – VIRNECT, a South Korea-based industrial extended reality (XR) solutions provider, has recently announced that it has raised USD $30 million in a Series B funding round. This round was backed by Korean VCs STIC Ventures, Lotte Ventures, strategic investor Hanwha, and institutional investors KTB Network, KB Investment, and KDB Investment Bank. The company’s IPO is also expected on the KOSDAQ exchange this year.
VIRNECT offers a range of industrial XR solutions from remote collaboration to facility digitalization and monitoring. According to the company, it has completed over 100 projects and implemented its solutions with several businesses, including LG Chemical, Samsung Electronics, and 39 other companies and subsidiaries. It has also provided its services to companies operating in the public sector in South Korea, including Korea Airports Corporation and Korea Electric Power Corporation (KEPCO).
Lead investor of the funding round, Managing Director, Donghyun Im of KTB Network, said: “VIRNECT leads the XR sector in Korea with its technology since its Series A funding round. KTB Network decided to join in this Series B round in order to help VIRNECT become a global company and positively influence its IPO efforts.”
Through its Austrian and South Korean research centers, VIRNECT has focused on creating its in-house developed augmented reality software development kit (AR-SDK) core technology, which it is using to provide solutions that are native to XR. With the funds from this latest funding round, VIRNECT states that it plans to expand its industrial XR ecosystem, source talented personnel, develop differentiated product offerings, increase its ability for global marketing, amongst other activities.
Commenting on the Series B funding, Taejin Ha, CEO at VIRNECT, said: “VIRNECT’s potential has once again been confirmed. With these funds we will increase our market competitiveness and develop stand-out technologies which will put us on track to become a global leader in the XR category within 5 years.” Ha added, “With regards to our IPO, I am confident we are able to complete corporate disclosure proceedings in 1 to 2 years.”
For more information on VIRNECT and its industrial extended reality solutions, please visit the company’s website.
Image credit: VIRNECT
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.