PARAMETA Raises Additional KRW 9 Billion, with Follow-On Funding Under Way
March 28, 2024, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced on the 28th that it has raised an additional KRW 9 billion. The round brings PARAMETA's cumulative funding to KRW 25 billion, and follow-on funding with other investors is under way.
Two investors participated in the round: Shinhan Venture Investment and Korea Asset Investment Securities. Shinhan Venture Investment decided to invest in PARAMETA through Shinhan Hyperconnect Investment Fund I, Shinhan Financial Group's KRW 270 billion digital strategic investment (SI) fund. A major factor behind the decision was that PARAMETA is the only Korean blockchain company to have developed all of its core technology in-house, holding a full technology stack capable of addressing real-world cases — from core technologies such as engines and interchain needed for blockchain and Web3 service development, through to service app (dApp, L4) development. The company was also highly rated for holding the largest body of blockchain development references on that basis, and for demonstrating stable revenue growth. Korea Asset Investment Securities, having previously taken part in the Series A and bridge rounds, showed its confidence in PARAMETA by investing again.
On the strength of this round, PARAMETA plans to expand R&D on its own blockchain technology and enhance its services, while extending its business into overseas markets on the back of its results in Korea. It has already had the strength and stability of its technology validated across a wide range of industries — in the public and private sectors, from Seoul's blockchain standard platform to Gangwon Province's service platform Nayana, North Gyeongsang Province's public MyData platform Moiso, and the EV battery remaining-life certification service Whatever; and in mainnet development and operation for global platforms including the NFT-centered interchain platform HAVAH, the L1 interchain platform ICON, and the Web3 data protocol Perme. PARAMETA's technology development efforts and results have also been borne out by credible external certification — including a TCB TI-1 rating, an A grade in KISA's mock technology evaluation for special listing, and selection as a POSCO unicorn company.
The company is also concentrating on research into combining blockchain with AI and into technology for integrating and connecting blockchain-related data, with the aim of realizing a safer and fairer AI ecosystem. It plans to unveil related services within the year and to apply the technology to HAVAH, ICON, and other networks it currently supports with Web3 technology.
"PARAMETA is a company with outstanding people, distinctive technology, and a wealth of development references," said Gunho Park, Director at Shinhan Venture Investment. "The blockchain industry's resurgence in global markets is highly visible and it is establishing itself as important infrastructure. PARAMETA will benefit substantially from the revival of Web3 and blockchain."
"Backed by distinctive technology proven in the market, together with deep experience and R&D infrastructure, PARAMETA will lead the way in the coming changes in the Web3 market and in convergence and connection with future industries such as AI," a Korea Asset Investment Securities official added.
"As a Web3 Enabler, PARAMETA has deployed blockchain technology and services across a wide range of industries and business areas — public, private, and open-source ecosystems alike," said PARAMETA CEO JH Kim. "With this investment, we will apply the results of our blockchain R&D to each industry while connecting those ecosystems to create new value."
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