BELIVVR Signs MOU with QUEST EDTECH to Expand XRCloud in Southeast Asian and Global B2B Web Metaverse Markets

BELIVVR and QUEST EDTECH Commence Strategic Cooperation to Penetrate Southeast Asian and Global B2B Metaverse Markets with XRCloud

Seoul, South Korea — June 16, 2024 — At NextRise 2024 in South Korea, a pivotal event for startup collaboration, leading XR technology company BELIVVR Co., Ltd. (CEO Luke Yang) announced the signing of a strategic Memorandum of Understanding (MOU) with QUEST EDTECH Incorporated (CEO Kirk Pathumanun), an innovative metaverse-based educational solutions company, to target the Southeast Asian and global B2B markets. This agreement marks a significant milestone in combining the technical synergies of both companies, who have been developing and operating platforms based on open-source Mozilla Hubs, to explore the potential for global market expansion.

Strengthening Global Collaboration for Innovative XRCloud Distribution and Educational Solutions

The XRCloud web metaverse platform by BELIVVR boasts robust scalability, enabling the creation of virtual environments without installation through web standard compatibility and real-time updates. Through this agreement, QUEST EDTECH plans to distribute the XRCloud solution in the Southeast Asian B2B market and provide innovative metaverse solutions in the education sector. The companies also aim to leverage their collaboration with the Hubs Foundation to extend XRCloud to the global market. The Mozilla Hubs technology underpinning XRCloud continues to expand its use internationally, and QUEST EDTECH is a company that has already achieved substantial revenue in the educational metaverse market in Thailand.

QUEST EDTECH will gain full-body avatar and large-scale concurrent user capabilities through BELIVVR’s XRCloud, and BELIVVR will collaborate with QUEST EDTECH for business expansion and international investment attraction in Southeast Asia. “This agreement represents an important starting point for our joint leap forward,” said Luke Yang, CEO of BELIVVR. “BELIVVR is targeting international markets where metaverse applications have been actively utilized by the private sector, rather than in Korea, where deployment has been mainly government-led. We plan to actively enter the diverse B2B markets abroad that seek web metaverse technology accessible from anywhere in the world.”

Kirk Pathumanun, CEO of QUEST EDTECH, stated, “We are delighted that our metaverse solutions will combine with BELIVVR’s XRCloud to aid in expanding into the Southeast Asian and global markets. Additionally, we will support BELIVVR’s global market expansion through investment attraction.”

Key Objectives and Plans for Collaboration

With this MOU, BELIVVR and QUEST EDTECH aim to achieve the following objectives and plans to foster growth in the Southeast Asian and global B2B markets:

• Distribution and Expansion of XRCloud in Southeast Asia: QUEST EDTECH will drive strategic plans to distribute and expand BELIVVR’s XRCloud solution to B2B clients in Southeast Asia.
• Innovative Expansion of Educational Solutions: QUEST EDTECH will use full-body avatars and large-scale concurrent user capabilities to provide immersive educational experiences through XRCloud.
• Support for Raising up to USD 400,000 in Funding: QUEST EDTECH will provide necessary support to attract up to USD 400,000 in funding from Southeast Asian investors for BELIVVR’s technological development and market expansion.
• Collaboration with the Hubs Foundation: The companies will collaborate with the Hubs Foundation to expand XRCloud into global markets.
• Negotiation of Exclusive Distribution Agreements: Based on the MOU, the companies will negotiate exclusive distribution and resale agreements for XRCloud in the Southeast Asian B2B market.

Expected Outcomes and Future Plans

The signing of this MOU marks a crucial starting point for BELIVVR and QUEST EDTECH to accelerate the growth of XRCloud in the Southeast Asian and global B2B markets and enhance global competitiveness. Through this collaboration, the companies aim to achieve the following expected outcomes:

• Provision of Innovative B2B and Educational Solutions: Combining XRCloud’s technology with QUEST EDTECH’s distribution capabilities to deliver immersive and scalable metaverse solutions to Southeast Asian and global B2B clients and the education sector.
• Investment Attraction and Market Expansion: Accelerate technology development and market expansion through support in raising up to USD 400,000 in funding.
• Negotiation of Exclusive Distribution and Resale Agreements: Expand market share through exclusive distribution and resale agreements in the Southeast Asian market.

Company Overview

BELIVVR Co., Ltd.

BELIVVR provides the innovative XR service platform XRCloud for enterprises and developers and aims to expand into Southeast Asian and global markets.

QUEST EDTECH Incorporated

QUEST EDTECH leverages Mozilla Hubs technology to deliver XRCloud as an educational and business metaverse solution, and has already achieved substantial revenue through successful educational metaverse implementations in the global market.