Korean webtoon creator, Toonsquare, which provides webtoon creation software ‘Tooning’ based on Artificial Intelligence(AI) technology, has attracted Series A investment. IPX (former Line Friends), CNT Invest and N Partners participated in this investment round, and the enterprise value of Toonsquare was estimated at $28 million (39 billion won). The amount is confidential.
Through this investment, Toonsquare will try to upgrade the webtoon creation software ‘Tooning’ ver1.0 to ver2.0. Tooning will be expanded to link not only webtoon-style resources but also 3D resources and will develop into a comprehensive content creation solution that utilizes 3D based on the metaverse environment. Toonsquare was researching the North American market through the POC program of SBA(Seoul Startup Hub) and announced it to enter the market this year.
Toonsquare was listed as a Perks partner of ‘Station F,’ the world’s largest startup incubator Center in France, last year(2021). In the first half of this year, Toonsquare proved the potential of Tooning in the global market and in Korea through the ‘CES’ exhibition, the largest electronics and IT Expo in the United States(2022).
From the second half of this year, partnership and collaboration with IPX (Former Line Friends), a global fandom-based digital IP entertainment company, Toonsquare plans to develop a new digital creation solution centered on 3D IP content. Toonsquare was founded in 2019 through Samsung Electronics’ in-house venture program ‘C-Lab.’
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