The Korean VR startup EVR Studio has raised 10 billion won or $8.8 million ahead of its plans for a public listing and developing a new next-generation VR game.
The company creates lifelike digital characters using its technology. Project M, the studio’s first virtual adventure game series, presents a cinematic narrative that engages the players into a series of story-driven game episodes involving digital AI characters. The project has gained an overwhelming amount of popularity thus far, and all its fans would be looking forward to the studio’s next adventure game.
The title, currently under development, is believed to be a next-generation console game packed with adventure. Called ‘Project TH’ for now, the game will use the IP of Seok Jeong-hyun’s webtoon ‘Shaman,’ original Korean title ‘Moo Dang.’ The project aims to give users a sense of immersion and new fun as the character endures hardships and adversities throughout to conclude the story.
The current investors led the recent round of investment, including Altos Ventures, Kakao Ventures, and BTC Investment. Along with the fresh infusion of funds and support from the parent Barunson E&A, the maker of the Oscar-winning film ‘Parasite,’ EVR Studio has raised a total of $22 million or 25 billion won to date.
The company was established in 2016 and boasts of a star-studded team of world-class game developers and Hollywood visual effects experts. Kim Ji-Hyun, Head of Digital Human Team at the startup, comes with experience of over 15 years with the likes of XL Games (Archage, XL1) and console-oriented game developer 2K Games (NBA Online/Console).
Kim Ji-Hyun of EVR Studio stated, “EVR Studio has excellent manpower and know-how in CG·VFX, which is the foundation technology of Korea’s top-notch game development, XR content development, and the metaverse.”
“The development has gained momentum. Since the release of Digital Double SIRA at the beginning of this year, good results are also coming, such as receiving new business collaboration proposals such as metaverse and XR content development from various industries. We will accelerate our efforts to achieve meaningful results this year,” he added.
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