VIRNECT, the Seoul, Korea-based industrial XR (Extended Reality) solutions company, announced it raised a $30 million series B round. This 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. IPO is expected on the KOSDAQ exchange this year.
VIRNECT is a company that 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. Lastly, it has been recognized by NICE Technology Credit Rating, a Korean independent auditor as “Excellent” and certified as TI-2-Grade.
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Lead investor of this round Managing Director Donghyun Im of KTB Network said “VIRNECT leads the XR sector in Korea with its technology since the Series A round with good references from areas it operates, therefore we decided to join the following Series B round.” “This round will help VIRNECT to become a global company and positively influence its IPO efforts.”
VIRNECT, through its Austrian and Korean research centers, has focused on creating its globally acclaimed in-house developed AR-SDK (Augmented Reality – Software Development Kit) core technology which it is using to provide solutions that are native to XR. With the funds, VIRNECT is planning to expand its industrial XR ecosystem, source talented personnel, develop differentiated product offerings, increase its ability for global marketing and other activities.
CEO Taejin Ha said:
“VIRNECT’s potential has once again been confirmed.” “Through the funds, we will increase market competitiveness and develop stand-out technologies which will put us on track to become the global leader in the XR category within 5 years” “In regard to our IPO, I am confident we are able to complete corporate disclosure proceedings in 1 to 2 years.”
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