- Urbanbase, Seoul-based, has stated today that it is increasing its scale by $11,1 million (13 billion won) in a series-B.
- It provides a proprietary methodology and data for VR/AR architectural and interior design tools.
- Urbanbase has patented 2D floor planning technology, in 3D, AR, and VR.
- It offers a B2C VR home furnishing platform, AR mobile application, and a sales tool based on internally created 3D, AR, VR API for different sorts of companies such as property, home design, retail, etc.
Urbanbase, Seoul-based, has stated today that it is increasing its scale by $11,1 million (13 billion won) in a series-B+ spatial data platform for interior planning and design. The investment round was headed by Hanwha Hotel & Resort, a part of the Hanwha Corporation in South Korea. Urbanbase has already raised $20 million (about 23 billion won) in total and was formed in 2013 by CEO and former architect Jinu Ha.
This round has not been joined by existing investors. The Company had managed to raise from South Korea based Shinsegae Information and Communication, Woomi Construction, SL Investment, KDB Capital, Shinhan Capital, Enlight Ventures, CKD Venture Capital, and Breeze Investment, Ha, for Series A of $ 1.8 million and another $ 1.2 million in 2018 and its first-round from April 2020.
The last financing will be utilized to improve its B2B SaaS, to invest in research and development for sophisticated virtual reality (VR), augmented reality (AR), and 3D tools that are viewed as key metaverse technologies, in accordance with Ha, in its new firm Urbanbase. According to the Strategy Analytics study, the global metaverse market size is predicted to rise from $ 30.7 billion in 2021 to $ 280 billion by 2025.
As part of a future generation strategy to develop sustainable business models for the virtual and amplified reality sectors as well as all the gear and software and new technology being constructed for them, companies that focus on prospects in the so-called “metaverse.” Big IT companies, including Facebook, Intel, and Microsoft, aim to move into the area. In the virtual reality arena, Apple also worked to build a high-end VR headset.
Benefits of using Urbanbase
Urbanbase provides a proprietary methodology and data for VR/AR architectural and interior design tools. They supply an architectural and interior design platform of VR and AR tools. In only a few seconds Urbanbase has patented 2D floor planning technology, in 3D, AR, and VR. Urbanbase offers a B2C VR home furnishing platform, AR mobile application, and a sales tool based on internally created 3D, AR, VR API for different sorts of companies such as property, home design, retail, etc.
The Urbanbase firm was established in 2014 as a spatial data platform with space data for 80% of Korean apartments and data for 7000 3D goods. It provides application interface program (API) services for interior design, building, household appliances, and furniture firms, for example, 3D automated conversion, 3D home decoration and augmented reality services.
Urbanbase is also planning to upgrade its Urban Base Studio home interior software platform, featuring the function of converting 2D indoor images into 3D displays via a patented algorithm of Urbanbase, viewing interior products with increased reality, and analyzing spatial images using AI technology. Urbanbase is claiming 50,000 active monthly users of B2C registered 70,000. The firm has around 50 B2B clients.
“The majority of our B2B clients in South Korea and Japan are huge conglomerates, although we want our B2B clients to be extended to small, mid-sized enterprises and we want to provide B2C users once the B+ series is closed,” Mr. Ha said.
Urbanbase is looking for an acquisition target in the advertising and building technology industries, Ha added. Urbanbase focuses on the development of the interior tools for buildings because roughly 70-80% of South Korean and Japanese households live in flats, said Ha. He said that he would expand his portfolio through the acquisition of a company that covers other types of residences. Currently, the platform is operating in Korean and Japanese, but before entering Singapore in late 2021, Ha stated it will include an English languages service.