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Locus Raises KRW 24 billion to Become Global Animation Powerhouse

2023-12-06 2 min read

Locus Raises KRW 24 billion to Become Global Animation Powerhouse

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Locus, a South Korean animation studio renowned for 3D productions like “Red Shoes” and “Yumi’s Cells,” is set to go public following a successful investment round that raised 24 billion won.

The investment, led by strategic investors such as WSWG Studios, MediaCan, Giant Step, and 4th Creative Party, along with financial backers like SBI Investment, IBK, Crit Ventures, Gaia Venture Partners, Roadstone Private Equity, and Michigan Venture Capital.

Founded in May 2009, Locus aimed to create Hollywood-quality 3D animation for global distribution. Initially known for its VFX capabilities, having produced over 4,000 advertising contents and 70 game cinematics, Locus has transformed into a CGI studio specializing in 3D animation.

Locus stands out as the first Korean studio to handle every aspect of a project, from script planning to casting Hollywood actors, evident in its globally targeted feature-length 3D animation, “Red Shoes.” The film, with a budget of 22 billion won, engaged 500 staff globally and was released in South Korea in July 2019, reaching 123 countries.

“Yumi’s Cells,” a unique blend of live-action and animation, made history as the first Korean project produced using a real-time game engine (Unreal Engine). Completed through its second season, the series has been highlighted as a technical case in Unreal Engine, contributing to altering Korea’s animation production paradigm.

Locus is integrating generative AI technology to enhance planning and production. It plans to venture into the digital 3D asset business, supplying IP-associated 3D assets to platforms like Fortnite, expanding based on games and social media.

A diverse lineup of new projects includes 3D animations of Naver Webtoon’s original IPs, such as “Guardians of the Video Game,” “BARKHAN,” and “Denma.” “Yumi’s Cells” is slated for release in H1 2024 as a feature-length animation. Additionally, the animation adaptation of Lee Woo-hyuk’s best-selling fantasy novel, “The Soul Guardians” is expected to hit screens in H2 2024.

WSWG Studios CEO Inkyu Park expressed excitement about Locus’s global-standard 3D animation capabilities and the potential of the projects with proven IPs to create a new wave of K-animation.

Locus CEO Hong-seongho stated, “We aim to become a global animation production company and showcase the strength of K-animation.”

Meanwhile, Locus is expanding its business beyond animation production into distribution, planning joint distribution efforts with WSWG Studios as part of their strategic alliance through mutual investment.

[Korean Contents Startup News]

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