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

Urbanbase, a Seoul-based firm that develops a 3D spatial knowledge platform for inside planning and design, introduced in the present day it has raised $11.1 million (13 billion received) in a Sequence 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 govt officer and a former architect Jinu Ha, has now raised $20 million (roughly 23 billion received) in whole.

Current traders didn’t be part of this spherical. The corporate had raised Sequence A funding of $1.8 million and a further $1.2 million in 2017 and its first Sequence B spherical in April 2020, from backers that included South Korea-based Shinsegae Data & Communication, Woomi Development, SL Funding, KDB Capital, Shinhan Capital, Enlight Ventures, CKD Enterprise Capital, and Breeze Funding, Ha mentioned.

The newest funding shall 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 accordance with Ha. World metaverse market dimension is projected to extend $280 billion by 2025 from $30.7 billion in 2021, based mostly on Technique Analytics’ report.

Firms that concentrate on alternatives within the so-called “metaverse” have been rising as a part of a next-generation method to constructing viable enterprise fashions in areas like digital and augmented actuality, and all of the {hardware} and software program and new tech which can be being constructed for them. Huge tech companies, starting from Fb, Intel to Microsoft, are concentrating on to maneuver within the space. Apple additionally waded into the realm 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 remodel 2D indoor area pictures into 3D shows through 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 want to prolong our B2B purchasers base to small, midsized firms and convey extra B2C customers after closing the Sequence B+ funding,” Ha talked about.

Urbanbase is searching for an acquisition goal in prop-tech and development expertise sectors, Ha instructed TechCrunch. Urbanbase presently focuses on creating the inside instruments for house buildings as a result of about 70-80 p.c of whole households in South Korea and Japan dwell in flats, Ha mentioned, including that it’s going to diversify its portfolio by buying a startup that covers several types of residence.

It presently operates the platform in Korean and Japanese, however it would add English language service previous to coming into in Singapore in the long run of 2021, Ha mentioned.