APS Investing in XR Company MIT

According to reports out of Korea, APS recently announced a significant investment in the extended reality (XR) company MIT (Magic IT), acquiring a 10% stake for 1 billion won ($740,000). In addition, APS’s affiliate, Kornic Automation, also invested 2 billion won ($1.5 million) in MIT, giving APS control over a 30% stake in the company.

Kornic Automation president Kim Hyuk (left), APS chairman Jeong Ki-ro, and MIT president Min Byeong-soo at the official signing of the investment pact between the three companies. (Source: APS) 

MIT specializes in providing tailored smart factory and industrial XR solutions that are based on 3D data. Since its founding in 2018, MIT has been involved in collaborative XR projects across various industries, including automotive, shipbuilding, steel, and heavy chemicals.

APS highlighted that the heart of the XR industry lies in sophisticated content development and device technology enhancement. They anticipate a synergistic partnership between APS, with its high-resolution microdisplay technology, and MIT.

APS achieved a significant milestone in December of last year when it developed a fine metal mask (FMM) boasting a pixel density of 3000 ppi and showcased an RGB OLEDoS panel. APS’ investment in MIT signifies their intention to expand their presence in the XR industry.