Hyundai Motor Group invests in Netmarble F&C subsidiary Metaverse Entertainment. It has been reported that the automaker is pumping £2bn or $1.6m into the company to help fund its virtual human projects.
According to The Korean Herald, Hyundai Motor Group’s investment will come from its technology fund unit ZER01NE, an accelerator open innovation platform. On the other hand, Netmarble F&C is the subsidiary and game development arm of Netmarble.
It was said that the latest funding for Netmarble’s metaverse content and technology development unit was based on Hyundai Motor ZER01NE’s valuation of the metaverse company at ₩100 billion. Netmarble said that with its investment, the virtual humans currently being developed by Metaverse Entertainment would be able to complete different projects.
The automaker further suggested that in addition to the investment, it will also collaborate with the virtual reality platform in other planned projects, but did not specify what that is. In the meantime, the focus is on existing virtual humans such as “Rina,” who was featured as a virtual social media influencer who signed a management deal with entertainment agency Sublime last week.
Hyundai Motor’s investment is also expected to support other virtual humans developed by Metaverse Entertainment, such as the four-member Kpop girl group. The name of the group is still unknown, but they are expected to debut before the end of this year.
On his website, Metaverse Entertainment describes itself as a leader in the world of virtual reality. “We create a fusion between the cool touch of technology and the warm breath of human sensibility to tell a story of humans beyond humans – Meta Idols,” the description reads. “We are creating a new icon of the Metaverse era through innovative technologies and content that will become a central link between physical and virtual realities.”
Meanwhile, Korea Joongang Daily reported that Hyundai Motor Group and Metaverse Entertainment will cooperate on the development of digital humans. They will enhance “Rina” and support her in her celebrity and social media star pursuits, and they will do the same with the soon-to-be-debuting girl group.