EVR Studio’s plans for a new VR game & IPO gains momentum with fresh investment
VR image of actor Lee Hong Nae, main Character of EVR Studio's Project TH.
Korean VR startup EVR Studio has gained a much-needed impetus to forge ahead to develop a new next-generation VR game and plan to go for a public listing. The Virtual Reality company that uses digital human technology to produce immersive games has attracted 10 billion won or $8.8 million investment recently.
EVR Studio utilizes a technology that creates real-like digital characters. Its first virtual adventure game series Project M creates a cinematic narrative with digital AI characters that engage players into a series of story-driven game episodes. Project M has tasted success with an overwhelming fan following, now awaiting the studio’s next adventure game.
Next-level game series based on a webtoon
EVR Studio is now developing a next-generation console game in the adventure action genre called ‘Project TH’ (tentative title), which will use the IP of Seok Jeong-hyun’s webtoon ‘Shaman,’ original Korean title ‘Moo Dang.’ Project TH is expected to be another level adventure action game, where the character endures hardships and adversities and aims to give users a sense of immersion and new fun in the process of completing the story.
Korean actor Lee Hong-nae has been selected as the protagonist of ‘Project TH.’ Earlier this year, EVR Studio unveiled an image of the ‘digital human’ equivalent of Lee Hong-nae, produced through its 3D scanning optical equipment through its official SNS account. The picture had become a hot topic as soon as it was revealed as it was created so intricately that it is difficult to distinguish from the natural face of Lee Hong-nae.
The latest investment to the VR startup comes from its present investors such as Altos Ventures, Kakao Ventures, and BTC Investment. With new investment and backing from its parent company Barunson E&A, the maker of Oscar-winning film ‘Parasite,’ EVR Studio’s total investment reaches $22 million or 25 billion won.
Accelerating the development and diversifying business
Established in 2016, EVR Studio’s team comprises world-class game developers and Hollywood visual effects experts. EVR Studio team leader Kim Ji-Hyun, Head of Digital Human Team, is a character design expert with over 15 years of experience, including XL Games (Archage, XL1 ) and console-oriented game developer 2K Games ( NBA Online/Console).
Kim Ji-Hyun of EVR Studio said in a media statement, “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.”
He added, “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.”
Forbes had selected EVR Studio in the 2017 list of ‘Asian startups that everyone should pay attention to now.’ Through the latest investment attraction, EVR Studio wants to focus more on the development of ‘Project TH’ and diversify its business with XR content, metaverse business, and mobile light game. Also, EVR Studio plans to proceed with preparations for public listing.