NEW Affiliate Invests in Cutting Edge VR

VFX outfit eNgine Visual Wave, an affiliate of Korean content studio Next Entertainment World (NEW), has attracted investment worth KRW 10 billion (USD 8.55 million) to aid its metaverse development.

The company, which received the investment from Hisstory Investment Management, HI Investment & Securities, LK and Lee Ventures, has drawn attention for its focus on designing metahumans, or avatars, which are 3D representations of people which can navigate a virtual world known as a metaverse.

eNgine Visual Wave, which was founded in July 2019, is responsible for the visual effects of the wavve original anthology series SF8 and several major upcoming projects, including Yeon Sangho’s Netflix original series Hellbound, which will have its world premiere at the Toronto International Film Festival this year, the disaster action film Concrete Utopia with Lee Byunghun, and the big-budget Disney+ series Moving.

The company is making its own investments as it intensifies its metaverse development. It has invested KRW 2 billion (USD 1.71 million) in 3D Factory, a virtual reality (VR) and hologram production company.

Companies involved with metaverse development have drawn an enormous amount of interest from investors in Korea this year. Outfits such as GIANTSTEP, WYSIWYG Studios (which was involved in the VFX of Space Sweepers), and Dexter Studios, the producer of the Along with the Gods series, have seen their stock prices soar throughout the summer.

NEW, which owns a 58.3% stake in eNgine Visual Wave, is responsible for global hits such as Train to Busan (2016) and the TV drama Descendants of the Sun.