Korean startup strives to become hectocorn
South Korea’s Moiin Group announced on Oct. 31 that the developer of virtual reality technologies would join forces with the country’s 7Stock Holdings.
Under the bilateral partnership, the two corporations would work together to attract investment and develop various VR-related businesses.
Moiin has a technological edge in motion tracking suits. Based on its VR simulators and third-generation VR solutions, it came up with a full-body motion tracking suit dubbed X1 Motion Suit.
The company also has developed fourth-generation VR technologies to receive associated patents.
“Many famous foreign corporations asked to acquire our company at high prices, but we refused them,” Moiin chief executive Ok Jae-yun said.
“We have source technologies for the motion-tracking area. We are sure that the price competitiveness of X1 Motion Suit would be second to none.”
Ok said that his company would not focus just on selling hardware. Instead, the firm has vowed to expand a metaverse platform called Metalink.
7Stock Holdings strives to underpin such efforts by offering consulting services to Moiin. The former has helped corporations, which are scheduled to go public with advanced technologies.
“Moiin is ready to become a hectocorn. Through the partnership with the firm, we will carry out joint products on top of offering consulting services,” 7Stock Holdings chief Song Young-bong said.
Comparable to a unicorn, a startup valued at $1 billion, a hectocorn is a startup valued at $100 billion. A decacorn is one with at least a $10 billion valuation.