MAXST, an AR Technology Startup, Closes $3M Series B

MAXST

MAXST (CEO Jae Wan Park), an AR technology startup, announced on January 17th that it has raised a $3 million USD from L&S Venture Capital and Cognitive Investment.  

This investment will serve as an opportunity for MAXST to grow as a major player in the Augmented Reality market by enabling to strengthen its AR development toolkit business SDK and the AR-based remote assistance solution VIVAR.  

In particular, a development tool kit (SDK) for augmented reality is a necessary tool for developing AR applications. MAXST pointed out that Augmented Reality is getting applied to a variety of industries such as manufacturing, distribution and medical care, in addition to the game and education industries.

The company’s AR-based remote assistance solution (VIVAR) that MAXST opened to the public in CES 2017 can be used only after a simple certification process without additional development. MAXST is seeking to expand the service to the after-service industry.

Dong Hwan Kim, CEO of Cognitive Investment, said “MAXST is the only Korean company with global competitiveness in the AR field. We expect MAXST to develop more innovative solutions and become a major player in the AR market.”

This investment is followed by last year’s $2 million USD investment led by DS Asset, Hyundai Motor Company, and L&S Venture Capital.

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Bok Yeon is a Chief Communications Officer at TripBtoZ, an online travel agency that operates based on the personalized recommendation engine. He makes the best out of his passion for travel by writing about innovative travel startups in Korea. If you want to see the story of your startup on Tech For Korea, please reach him at bokyeon.hwang@techforkorea.com.

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