Maxst Co., a South Korean augmented reality (AR) solutions provider, recorded positive results in its debut on the technology-focused junior bourse Kosdaq. The company specializes in virtually enhancing physical reality using AR, artificial intelligence (AI), and other computer vision technologies.
Furthermore, the AR company’s share price shot up to 39,000 won in its initial public offering (IPO), doubling the usual 15,000-won share price. Maxst’s IPO also drew significant attention, generating record-breaking demands.
In particular, Maxst recorded an oversubscription of more than 6,700 times. Moreover, Maxst CEO Park Jae-Wan noted that the successful listing stemmed from the achievements of its original technologies and solutions.
Since its launch in 2010, Maxst has empowered companies and developers, providing advanced solutions and services through its AR technologies. In February, Maxst officially launched a new core AR platform technology called visual positioning service (VPS).
The spatial VPS technology pins down users’ location in real-time using image recognition, providing a highly accurate positioning system. To this end, VPS constructs precise 3D models of real-world maps for indoor and outdoor AR operations.
Aside from generating ultra-realistic AR content, VPS would support compatibility with portable electronics, including robots, smartphones, and smart glasses. Maxst also expects VPS to serve as a bridge between physical reality and virtual spaces, especially in the metaverse era.
Venturing Into Metaverse
During the pandemic, virtual space usage considerably increased to keep users safe while maintaining interconnectivity. South Korea’s metaverse market currently offers diverse options, with industry-leading domestic companies as foremost players.
Maxst also said that its technology portfolio holds the potential to serve as its foothold in the fast-growing metaverse market. In 2022, Maxst would integrate AR and virtual reality (VR) solutions to digitize tourist spots abroad, optimizing VR headsets for virtual trips.
On a similar note, the company shared its goal to develop over a hundred metaverse attractions by 2025. Maxst also aims to take a top position in the global metaverse scene by launching immersive AR and VR-based services. As Maxst stated, this move would distinguish it from other avatar-based metaverse platforms.
Maxst also plans to utilize the VPS technology to establish digital spaces for more than 150 attraction sites overseas and in South Korea. As part of this goal, the company would target Coex, one of the country’s leading hotspots and Asia’s largest underground shopping center.
At present, Maxst is replicating Coex’s floor plan on an upcoming AR platform for smartphones. After the development stages, Maxst could enable Coex visitors to access the site’s virtual recreation by turning on an app. This technology would also give users better and simpler navigation services by displaying Coex’s stores and streets in detail.
Besides enhancing destination-finding, Maxst would introduce a feature enabling users to receive product information and discounts by clicking store signs. Additionally, Maxst plans to incorporate VPS into more operations, including advertisements, games, and virtual trips.
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