Leading Korean AR startup Maxst raised USD 3 M to cover more industries


Founder:Jae-Wan Park

Founded in:2010

Financing status:2016-05-09, ₩ 2,000,000,000 from Hyundai Motor Company, L&S Venture Capital, DS Investment Consulting

Maxst (CEO, Jae-Wan Park), a startup that creates original augmented reality (AR) technology, raised USD 3 M from Intervest, LNS Venture Capital, and Cognitive Investment.

Through this round of investment, Maxst plans to strengthen its development tool kit business for AR (SDK) and remote assistance solution services (VIVAR) based on AR, in order to become a leading company in the growing AR market.

In particular, the development tool kit (SDK) for AR is an essential development tool for AR applications. Maxst is rapidly spreading to various industries outside of just gaming and education, such as manufacturing, distribution, and medical care. Due to its global competitiveness, Maxst’s products are also expected to expand its market share in the future.

In addition, the augmented reality based remote support solution (VIVAR), which was announced at the last CES 2017 exhibition, will be released as a service that can be used only with a simple authentication procedure, without any further development. In the future, this service can expand to the manufacturing or after-service (A/S) market with a new remote support method.

Alex Dong-Hwan Kim, Managing Partner at Cognitive Investment, said, “Maxst is the only company in Korea with global competitiveness in the field of augmented reality technology. We will continue to develop innovative solutions in the augmented reality market, which is expected to expand to the smart glasses industry, and we hope to lead the market”. Maxst has previously raised USD 2 M last year and received an additional investment of USD 3 M this year.

(Top photo from Platum)

This article, entitled “Leading Korean AR startup Maxst raised USD 3 M to cover more industries”, was written in Korean by Minjung Kim of Platum, edited by AllTechAsia.

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