- Launched on Meta Store in December last year, the first week of sales was among the best
- As the first company to successfully integrate ASW (Application Space Warp), the Meta blog highlights the cooperation between Meta and Unreal Engine
- New technologies and solutions for the global development plan of the VR industry beyond gaming
With the launch of Meta Quest 2, which is believed to have accelerated the popularity of VR, and Mark Zuckerberg’s announcement at Connect 2022 that Quest Store content revenue exceeded $1.5 billion, market expectations are high. On December 31, 2022, Korean VR developer Stoic Entertainment (CEO Yoonhwa Choi) announced the completion of Series A financing of US$4.73 million.
The A round was followed by Hanwha Investment & Securities, KB Investment and Hana Financial Investment, and new investors such as Well to Sea Investment, SW Investment and ES Investor. Additionally, US company Rascali LLC, holder of IP World War Toons, joined as a foreign investor last October.
“We have clearly identified improvements and goals for our business and development, and plan to generate at least 90% of our sales in the global market starting in 2023, at which point we will aggressively enter the global B2C market,” said another independent, Stoic CEO. Official Jin Hongshuo. “Thanks to the skills of the development team we have worked with for a long time, as well as our high-quality marketing assets, we are confident that we will achieve our goals.”
Stoic is a technology-based content developer with more than 35 global patents (for VR content technologies such as motion sickness reduction and presence in virtual spaces, and advertising data analysis in 360-degree virtual spaces), including 9 US patents.
“Our past R&D experience in simulators, hardware such as IoT and optical sensors, and companies in artificial intelligence and digital twin technology is, in a way, the way to survive before the market matures,” Choi said. During that time, we have accumulated a lot of internal assets and now have the skills and level to conduct joint research with leading universities and research institutes,” she added. “Previously, we learned and absorbed new technologies through global conferences, but now our goal is to grow into an XR technology and solutions company that can announce new technologies in research journals and conferences.”
December 9 last yearday, Stoic was awarded the Ministerial Award by the Korean Ministry of Science and Information and Communication Technology for its contribution to Metaverse content and virtual reality, and was designated as the best company in the Software High Growth Club. Also in 2022, it was certified as an excellent technology evaluation company and designated as a small strong company by the city of Seoul. This year, Stoic is preparing for another technical evaluation with the goal of becoming a special public technology company.
CEO Kim co-founded Stoic Entertainment in 2014 with his wife Choi, who is an expert in the game industry and has worked in various companies such as NCSoft Japan, Choi leads the business with her artistic qualities majoring in fashion and her experience in product design and business investment.