Singapore-based avatar communications company GoodGang Labs has on Thursday announced that it has successfully raised $2 million in seed funding from Kakao Investment, a subsidiary of the prominent South Korean tech giant.
GoodGang Labs said in a statement that the recently secured funds will be strategically allocated to the expansion and advancement of kiki town, their highly anticipated flagship product that is set to revolutionize virtual interactions.
They also target the business to business (B2B) market, providing a software as a service (SaaS) API for their human to avatar technology.
It is noted that kiki town sets itself apart by exclusively transmitting voice and avatar motion data, resulting in a significantly lighter and more efficient platform.
Additionally, unlike 2D-based interfaces, kiki town offers a fully immersive 3D environment, empowering users with dynamic viewing angles through multiple virtual cameras.
GoodGang Labs is also on the verge of unveiling GangHouse for Web3, a pioneering technology that allows users to engage in real-time conversations with each other using their non-fungible tokens (NFTs) as a medium.
This groundbreaking development is set to change the way people interact and communicate within the NFT ecosystem.
“We’re on a mission to revolutionize the way individuals connect and communicate in the digital age,
“We envision a world where technology is a catalyst for deeper human connections, where individuals can freely express themselves, connect with diverse communities, and engage in enriching conversations without the limitations of appearance or physical location,” said Chief Executive Officer and Co-Founder of GoodGang Labs, Dookyung AHN.
According to him, the firm’s vision is to create a virtual environment where people can explore their true selves and interact with others in a way that’s never been possible before.
Kakao Investment Chief Executive Officer Scott Kwon said the firm sees a great potential in avatars to transform the way people express their identities online.
“Given the right technology, people will be able to replicate social interactions that were only possible offline in the virtual world as well,
“We also expect completely new, innovative social interactions to emerge online with avatar based communications,” he said.
This recent success builds upon GoodGang Labs’ notable traction in the Web3 markets.
The company’s BeerGang NFT collection, which sold out completely on LINE’s NFT marketplace, DOSI during the challenging crypto winter, serves as a testament to their growing market appeal.
Consisting of 3,333 unique items, this limited edition collection garnered strong demand, highlighting the innovative offerings that GoodGang Labs brings to the industry.
GoodGang Labs was co-founded by Dookyung Ahn, who previously worked as a Strategic Partner Manager for Stories at Facebook and also served as the Head of Developer Partnerships at LINE as a Product Manager.
The company’s other Co-Founders include Jaecheol Kim, who was a Co-Founder of Seerslab, and Seoyoung Kim, who previously held the position of Art Team Lead at Facebook.
Before this round, GoodGang Labs has also secured undisclosed funding from prominent investors such as Naver, Kimgisa Lab, Naver Z, and Planetarium further solidifying their position as a key player in the avatar-based communication market.
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