All Blockchain Funding Startup News in Korea (Korean Startup News)

Korean Web3 Enabler PARAMETA Raises $7.5M, Total Funding Reaches $20.8M

2024-03-28 2 min read

Korean Web3 Enabler PARAMETA Raises $7.5M, Total Funding Reaches $20.8M

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South Korea-based Web3 enabler PARAMETA has secured an additional investment of 9 billion KRW (approximately 7.5 million USD) bringing its total funding to 25 billion KRW (approximately 20.8 million USD).

In this funding round, Shinhan Venture Investment and Korea Asset Investment & Securities participated. Shinhan Venture Investment invested in PARAMETA through the Shinhan Hyperconnect Investment Fund, a 270 billion KRW (approximately 225 million USD) fund dedicated to strategic digital investments within the Shinhan Financial Group.

This investment was largely influenced by PARAMETA’s possession of technology capable of addressing real-world needs, from core technologies such as engines/interchains to service app (dApp) development, along with its status as a blockchain company that has independently developed all core technologies. Additionally, PARAMETA has been highly praised for holding the largest blockchain development reference and demonstrating stable revenue growth.

PARAMETA plans to utilize this investment to expand its R&D efforts in its proprietary blockchain technology, enhance its services, and expand its business scope into overseas markets based on its domestic achievements.

To achieve a safer and fairer AI ecosystem, PARAMETA will focus on technological research combining blockchain and AI, integrating and connecting blockchain-related data, and plans to unveil related services within the year. Additionally, it plans to apply related technology to platforms supporting Web3 technologies such as HAVA and ICON.

Park Gun-ho, director of Shinhan Venture Investment, described PARAMETA as a company with excellent talent, unique technological capabilities, and rich development references. He stated that with the recent resurgence of the blockchain industry in the global market, which is becoming increasingly vital infrastructure, PARAMETA will greatly benefit from the revival of Web3 and blockchain.

A representative from Korea Asset Investment & Securities added that based on PARAMETA’s proven and unique technological capabilities, rich experience, and R&D infrastructure, the company will lead the future convergence and connection with changes in the web3 market and future industries like AI most actively.

Kim Jong-hyup, CEO of PARAMETA, highlighted that PARAMETA has been deploying blockchain technology and services across various industries and business areas as a Web3 enabler. He stated that with this investment, PARAMETA will apply the results of blockchain technology R&D to various industries and create new value by connecting each ecosystem.

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