Software developer NdotLight receives investments from Kakao, Naver
Local software developer NdotLight received investments from both Kakao and Naver, becoming the first venture firm to raise funding from two of the biggest tech companies in Korea, NdotLight said on Thursday.
The investment was led by Kakao’s subsidiary Kakao Investment and joined by Naver’s in-house accelerator D2 Startup Factory (D2SF) in a pre-series-A financing round. The companies did not disclose the size of the deal.
“NdotLight is a company that Kakao Investment has decided to invest at the earliest stage of a start-up, and in particular it is the first deal we have pulled off along with Naver D2SF,” Kakao Investment said in a statement.
NdotLight develops 3-D design software dubbed NdotCAD, which helps creators design three-dimensional digital content that can be implemented on various metaverse platforms such as Zepeto, Roblox and Unity.
NdotLight is easier to use and lighter on the computer, making it more user-friendly than other 3-D design tools that are typically released for professional purposes.
The company will use the investment to recruit new employees and launch its software outside of Korea. It is also looking into the non-fungible token (NFT) market.
“This investment is particularly meaningful in that we have secured Korea’s top IT companies Kakao and Naver as our strategic partners,” said Park Jin-young, CEO of NdotLight.
“We will endeavor to grow into a leading company in the global metaverse market.”
BY YOON SO-YEON [firstname.lastname@example.org]