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

South Korea’s metropolis fuel and vitality group Daesung’s enterprise capital subsidiary 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.

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Daesung Non-public Fairness introduced Wednesday the launch of the Daesung Metaverse Scale-up Fund, which the corporate claims to be the most important metaverse fund in South Korea, in response to local reports. 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, fuel and renewable vitality firm Daesung Industrial Co., Ltd., which in 2021 recorded a income of 793 billion received (about US$610 million), and 7 different sizable subsidiaries, according to its website.Earlier this 12 months in February, South Korea’s science ministry announced a 223.7 billion received (about US$172 million right this moment) funding in rising the nation’s metaverse ecosystem.

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