Korean startup Urbanbase, a 3D spatial data platform for developers closes $11.1M Round Series B+

Korean startup Urbanbase, a 3D spatial data platform for developers closes $11.1M
Round Series B+

Urbanbase, a Seoul-based company that develops a 3D spatial data platform for interior planning and design, announced today it has raised $11.1 million (13 billion won) in a Series B+ round as it scales up.

Hanwha Hotel & Resort was the lead for this round of financing. It is a subsidiary company of South Korean conglomerate Hanwha Corporation.

Urbanbase was founded by Jinu Ha (ex-architect) as chief executive officer in 2013. It has raised approximately $20 million ($23 billion won).

This round did not include existing investors. 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 South Korea-based Shinsegae Information & Communication, Woomi Construction, SL Investment, KDB Capital, Shinhan Capital, Enlight Ventures, CKD Venture Capital, and Breeze Investment, Ha said.

According to Ha, the latest funds will be used to improve its B2B SaaS and invest in R&D to advance virtual reality (VR), AR, and 3D tools. These are core technologies that Urbanbase intends to use to expand its business, Urbanbase. Based on Strategy Analytics’ report, the global metaverse market is expected to grow by $280 billion per year from $30.7 billion in 2020.

As part of the next generation approach to creating viable business models, companies that concentrate on the “metaverse”, have grown. This includes the development and use of all new hardware and software as well as the creation and maintenance and support for virtual and augmented realities. Big tech corporations, ranging from Facebook, Intel to Microsoft, are targeting to move in the area. Apple also waded into the area of virtual reality, working on developing a high-end VR headset.

Urbanbase plans to also upgrade Urbanbase Studio its interior software platform. Urbanbase Studio can transform indoor spaces into 3D displays using Urbanbase’s patent algorithm. It allows users to visualize and interact with interior products in an augmented reality, as well as analyze spatial images that are based on the AI technology.

Urbanbase boasts 50,000 active monthly users and 70,000 B2C registered users. Urbanbase has approximately 50 customers in the B2B sector.

Ha stated that “most of our B2B customers are large conglomerates from South Korea or Japan. For example, LG Electronics and Japan-based Mitsubishi Real Estate Service. Nitori Holdings and SoftBank. However, we want to expand our B2B client base to smaller, midsized businesses and bring more B2C clients after the Series B+ funding is closed.”

Ha said that Urbanbase was looking for a target to acquire in the prop-tech or construction technology sector. Urbanbase focuses its efforts on the development of interior tools for apartments because 70 to 80 percent of households in South Korea or Japan are in these buildings. Ha stated that Urbanbase will expand its product portfolio and acquire a startup that includes other types of residence.

Ha stated that the company currently offers the platform in Korean, Japanese and English. However, it plans to add English language services before entering Singapore at the end of 2021.

PubliƩ Mon, 30 August 2021 at 00:28.36 +0000

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