Hancom Group Acquires ‘Frontis’, specializes in Metavers technology
– Hancom Intelligence enters into a 55% acquisition agreement with Frontis
Hancom Group (Chairman Kim Sang-chul) announced on the 1st July that Hancom Intelligence (CEO Ji Chang-gun), a consolidated subsidiary of Hancom MDS, has signed a contract to acquire a 55% stake in “Frontis,” a metavers platform developer.
Hancom Intelligence plans to enter the Metavers service market through convergence with its artificial intelligence technology by securing Metavers platform-based technology through this acquisition. Also, its strategy is to secure future growth value through synergy creation linked to Hancom Group’s various technologies and businesses.
Founded in 2001, ‘Frontis (CEO Chung Hyun-suk)’ has been developing intelligent Internet integrated control solutions, VR (Virtual Reality) and AR (Augmented Reality) contents and solutions, and is focusing on developing and supplying metavers platforms.
It has been recognized for its technological prowess by attracting 10 billion won in investment between 2018 and 2019, and being selected as a “Global ICT Future Unicorn” hosted by the Ministry of Science and ICT last year. In addition, the company plans to introduce “XR Pandora,” a platform for virtual education and virtual conference based on three-dimensional metaverses, and “XR Life-twin,” a platform based on virtual cities, within this year.
Hancom Intelligence is a company that was physically divided from Hancom MDS in July last year and currently leads Hancom Group’s artificial intelligence (AI) and Internet of Things (IoT) businesses based on voice recognition and machine translation.
Based on this, this year, it is speeding up visualization of new businesses by introducing NARU Live, an artificial intelligence-based translation service that automatically translates video contents such as real-time broadcasting, movies, and lectures into multiple languages. It is attracting attention from experts in industries as it is linking Check to Digital Twin.
Meanwhile, according to Strategy Analytics, the global metavers market is expected to reach 51 trillion won this year and will grow rapidly to about 315 trillion won by 2025. In April, the Ministry of Culture, Sports and Tourism and the Ministry of Science and ICT announced plans to implement the Metavers TF, and in May, it launched Metavers Alliance led by the Ministry of Science and ICT.