ProtoPie, a software prototyping business located in South Korea, has secured $8 million in a Series A round-headed by LB Investment, a Korean venture capital firm. Mirae Asset Venture Investment, as well as current investors HB Investment, DevSisters Ventures, and Intops Investment, participated in the round.
ProtoPie has now secured $17.9 million in investment, bringing its total to $17.9 million.
ProtoPie, founded in 2014 by Tony Kim, a former Google software developer, and Scotty Kim, a former Samsung software engineer, provides prototype software as a service to help firms build and evaluate products more quickly. Microsoft, Samsung, BMW, Roblox, and Grab are just a few of its clientele.
ProtoPie’s revenue growth now comes mostly from outside of South Korea, accounting for 85 percent of its profitability, with North America accounting for 35 percent.
The rise in linked devices, according to Tony, who is also the company’s CEO, is driving greater demand for digital items, with an average of 25 gadgets in a US household in 2021, more than double the amount in 2019.
The funds will be used to accelerate product development at the firm. It is also increasing its sales and growth teams in North America, with new offices opening in Canada and the United States.
“Companies making digital products for these connected devices need to test and validate the growing complex, but everyday interactions consumers have with their connected products,” said Tony.
