The Seoul-based startup, Urbanbase has raised $1.8 million in Series A funding from CKD Venture Capital, Magellan Technology and Capstone Partners. The company that makes virtual reality tools for interior planning and design plans to use raised capital to expand in the Japanese, Chinese and Southeast Asian markets, said in a statement.
Founded in 2013 by CEO Jinu Ha, a former architect, Urbanbase claims that its patent algorithm transforms 2D floor plan into a 3D virtual space in less than 2 minutes. The company’s VR platform allows users to see the appearance of their future house, and help them test furniture, wallpaper, and flooring.
There is about 60 percent of total households in Korea, currently, live in apartments and Urbanbase’s platform helps small businesses reach them and compete with big-box retailers like Ikea, which entered Korea in 2014.
Co-founder and chief strategy officer Saejoon Oh says the company currently has 40 partnerships with furniture companies, with about 4,000 items available in its VR platform. It also works with real estate companies to provide floor plans for apartment buildings in Korea.
The startup firm doesn’t see much competition in its home market and plans to enter into Japan, China and countries in Southeast Asia. In addition to its virtual reality tools, the company plans to launch augmented reality smartphone apps that will further extend its offering for small businesses.
So far, Urbanbase has raised about $3 million in total. Earlier, the startup has raised the seed round from SparkLabs Accelerator and others.