# VIRNECT CO.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/virnect-co

- Industry: Software
- Headquarters: Seoul, South Korea
- Website: www.virnect.com
- Total disclosed funding: $33M
- Latest round: Series B (Jan 4, 2022)
- Investors on record: 9

## About

Based in South Korea, VIRNECT CO., LTD. specializes in augmented reality (AR) solutions that enhance operational efficiency across industries, facilitating remote collaboration and real-time communication.Founded in 2016 in Seoul, South Korea, VIRNECT CO., LTD. is focused on providing AR solutions to improve operational processes. The company has successfully raised a total of KRW 30 billion through 3 funding rounds, with the most recent being a Series B round on January 4, 2022, led by Woori Venture Partners and joined by several notable investors. The CEO is Taejin Ha, who has a background in technology and entrepreneurship.VIRNECT is a leader in augmented reality (AR) solutions, offering products that boost operational efficiency across sectors such as manufacturing, construction, and healthcare. Their key product, the VIRNECT XR solution, enables remote collaboration and real-time communication, enhancing inspection and maintenance processes, including equipment maintenance and safety inspections.VIRNECT's revenue model is primarily B2B, focusing on subscription-based licensing of their AR solutions and tailored services, including training and support for enterprises. This model allows them to maintain a steady revenue stream through partnerships with major companies in various industries, aligned with the specific needs and project complexities of their clients.Following the Series B funding round in January 2022, which raised KRW 30 billion, VIRNECT CO., LTD. plans to allocate these funds towards technological advancements and expansion into international markets. The company aims to introduce new products designed to enhance their AR offering and is targeting North America and Europe for further market penetration by the end of 2023.

## Funding rounds

- Series B, Jan 4, 2022, $25M — Korea Development Bank, Hanwha Investment, KB Investment, WOORI Venture Partners, STIC Ventures, Lotte Ventures
- Series A, Sep 17, 2019, $7.6M — KB Investment, WOORI Venture Partners, Industrial Bank of Korea, Magna Investment, Korea Credit Guarantee Fund

## Investors

- KB Investment (https://capitalatlas.ai/funds/kb-investment) — Series A, Series B
- WOORI Venture Partners (https://capitalatlas.ai/funds/woori-venture-partners) — Series A, Series B
- Industrial Bank of Korea — Series A
- Magna Investment (https://capitalatlas.ai/funds/magna-investment) — Series A
- Korea Credit Guarantee Fund — Series A
- Korea Development Bank (https://capitalatlas.ai/funds/korea-development-bank) — Series B
- Hanwha Investment — Series B
- STIC Ventures (https://capitalatlas.ai/funds/stic-ventures) — Series B
- Lotte Ventures (https://capitalatlas.ai/funds/lotte-ventures) — Series B