Korean metaverse startup Anipen secures $8m in Series C funding

Anipen, a South Korean metaverse platform, has raised around ₩11 billion ($8.3 million) in a Series C funding round backed by Medici Investment, Ulmus Investment, and Korea Development Bank, according to a Forkast report.

The company, a deep learning-based metaverse platform developer, said it will use the fresh funding to expand its metaverse content services and strengthen partnership with various companies.

Founded in 2013, Anipen is known for its flagship service AnibeaR, a three-dimensional mobile application that lets users create AR-infused video content, according to the report.

Last year the metaverse developer attracted investments worth ₩13 billion. It plans to close its Series C round after reaching investments of 20 billion won that the company is currently negotiating.

The company’s flagship service AnibeaR is a three-dimensional mobile application that allows users to create AR-infused video content using popular children’s animation characters such as Hello Kitty and Teletubbies.

Its CEO, Jaewoong Jeon, was voted as most outstanding and excellent lecturer at Yonsei University in 2007, 2010, 2012, and 2013. He was former researcher at Yonsei University Research Institute for Software Application Center.

The company has four divisions: AR Platform Development Division, which is responsible for advancement of self-developed AR contents production engines; 3D Graphics Division, developer of 3D graphics used in all AR contents and services of Anipen; Services Development Division, which manages UX/UI for all solutions including self-operated AnibeaR, client service, and back-end development; and Business Planning and Operation Division, which handles service operation, marketing, promotion, and new service planning.