Cheil Worldwide, parent company of flagship ad shop Cheil, McKinney, Barbarian Group and other agencies, has made an investment in EVR Studio.
The investment was reported to be around $13 million.
Under the agreement, technology and other assets will be shared with the goal of developing metaverse-based services for clients, including AI-powered “branded humans,” interactive content, and virtual studios.
Founded in 2016, EVR Studio (EVR) has focused on the research and development of metaverse technology. Most of Its employees are tech pros who have experience working for major game development companies as well as visual effect studios in Hollywood.
The company has developed digital versions of top Korean celebrities such as actor Kim Soo-Hyun, and has also developed digital idols and virtual influencers that have appeared in various ads, games and films.
Last year EVR showcased VR contents that it had created based on the movie Parasite at an exhibition held at the UNESCO headquarters in Paris. It also created an early 4DX VR film, “Stay with Me.” The studio is currently developing a game based on the webtoon, Mudang.