Urbanbase, a Seoul-based startup that induces virtual reality an instrument for interior intention and pattern, plans to expand in Asia after developing $1.8 million in Series A funding. Its investors are CKD Venture Capital, Magellan Technology and Capstone Partners.
The company, which was founded in 2013 by CEO Jinu Ha, a former architect, has now raised about$ 3 million in total. Urbanbases patented algorithm moves 2D floor plan into virtual rooms in as little as two minutes, it claims, and is more accessible for small companies than cameras like Matterport. Urbanbases virtual reality platform lets users see how their future homes will search and experiment furniture, wallpaper and flooring.
Co-founder and manager strategy patrolman Saejoon Oh pronounces the company currently has 40 the partnership agreement with furniture companionships, with about 4,000 parts available in its VR platform. It too works with real estate companies to provide floor plans for apartment house in Korea.
About 60 percentage of total households in Korea, or about 8.5 million, currently live in accommodations, Oh lends. Urbanbases platform facilitates small businesses are to be achieved and compete with big-box retailers like Ikea, which penetrated Korea in 2014. In addition to its virtual reality implements, Urbanbase too plans to propel augmented actuality smartphone apps.
While Oh replies Urbanbase currently doesnt have much tournament within Korea, it is preparing for the likelihood that large-scale furniture retailers, as well as tech business that are already sitting on a lot of indoor mapping data, will eventually want to enter the room. In the meantime, its Series A will be used to enter Japan, China and countries in Southeast Asia.