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Korean digital twin startup Mobiltech raises KRW 13 billion to expand globally

2023-10-11 2 min read

Korean digital twin startup Mobiltech raises KRW 13 billion to expand globally

Reading Time: 2 minutes

Mobiltech, a South Korean startup developing immersive digital twins, has raised KRW 13 billion in a Series B funding round. The round was led by Korea Investment Securities, with participation from new investors Samsung Venture Investment, SJ Investment Partners, and Genie Asset Management. Existing investors We Ventures, Woori Bank, and Hyundai Motor Group ZeroOne also participated in the follow-on investment.

Mobiltech has developed technology to quickly and accurately build immersive digital twins by scanning indoor and outdoor spaces using its own proprietary equipment. The company has particularly strong capabilities in the areas of MMS (mobile mapping system), SLAM (self-driving vehicle location recognition), and data processing. In addition, Mobiltech has recruited game industry professionals, including Nexon (Nexon) co-founder Bae Jeong-hyun, as CTO to further develop its immersive digital twin platform, Replica City.

To date, Mobiltech has built strong partnerships with domestic automakers, global lidar companies, and others in the autonomous driving sector, and has achieved strong results. The company is rapidly expanding its business into other industries, including UAM (urban air mobility), smart cities, and virtual production for movies, games, and webtoons.

With this funding, Mobiltech plans to expand its B2B corporate customers both domestically and internationally, and diversify its target industries. The company also plans to begin preparations for a listing on the KOSDAQ stock exchange.

Korea Investment Securities, which led the investment round, said, “Digital twins have become a key trend across industries as the pace of digital transformation has accelerated in the wake of the pandemic. Mobiltech is leading the trend in spatial experience by internalizing the technology to digitize space. We expect the company to grow even further in the future.”

Kim Jae-seung, CEO of Mobiltech, said, “In the midst of a global investment slowdown, we were able to raise more than our initial target thanks to recognition of our performance and future growth potential. We will continue to grow into a leading digital twin company in Korea and abroad, with the goal of listing on the KOSDAQ.”

Mobiltech was founded in 2017. The company raised investment from Naver D2SF and Hyundai Motor Group ZeroOne shortly after its founding, and its accumulated investment amount has reached KRW 20 billion.

[Korean Mobility Startups News]

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