S. Korea’s power conglomerate builds US$84M metaverse fund

South Korea’s metropolis gasoline and power group Daesung’s enterprise capital subsidiary just lately established a fund value 110 billion Korean received (about US$84.5 million) for increasing investments into startups within the metaverse trade, native media shops reported Thursday.

See associated article: South Korea’s Shinhan Financial institution begins ‘metaverse’ providers, in accordance with native media

Quick details

• Daesung Non-public Fairness introduced Wednesday the launch of the Daesung Metaverse Scale-up Fund, which the corporate claims to be the biggest metaverse fund in South Korea, in accordance with native reviews. 
• The fund will focus its investments in startups specializing in synthetic intelligence (AI), prolonged actuality (XR), blockchain and digital twin applied sciences.
• Korea Enterprise Funding Corp., the nation’s government-backed fund of funds, invested 60 billion received (US$46 million), with different restricted companions together with the Industrial Financial institution of Korea (IBK), Shinhan Capital Co. Ltd. and different subsidiaries of the Daesung Group.
• Daesung Non-public Fairness has beforehand invested in PUBG: Battlegrounds sport maker KRAFTON and Korea-based crypto alternate Upbit operator Dunamu Inc.
• Established in 1947, Daesung Group operates oil, gasoline and renewable power firm Daesung Industrial Co., Ltd., which in 2021 recorded a income of 793 billion received (about US$610 million), and 7 different sizable subsidiaries, in accordance with its web site.
• Earlier this 12 months in February, South Korea’s science ministry introduced a 223.7 billion received (about US$172 million at present) funding in rising the nation’s metaverse ecosystem.

See associated article: S. Korea releases moral pointers for the metaverse