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South Korean technology and content company Moiin is launching a $100 million venture capital fund for virtual reality (VR) gaming.

Moiin said the $100 million venture capital fund will be based in Silicon Valley and will target small developers in search of funding for their VR games. No other details were released.

The Seoul-based company is in the process of developing fibre-Bragg grating-based haptic gloves and a suit, in partnership with the Korean Institute of Science and Technology.

These are scheduled for release in 2020.

Moiin chief executive officer Jae Yoon Ok recently hosted advisers Eric Schiermeyer, Jason Brink and Haley Kim, and demoed the company’s new haptic gloves.

South Korea’s Moiin launches $100m VC fund for VR gaming
Moiin and the Korean Institute of Science and Technology

Schiermeyer, the former chief technology officer of MySpace and co-founder of mobile gaming giant Zynga, reportedly described Moiin’s haptic gloves as “far more elegant” than other motion-tracking solutions and had a range of potential applications, from gaming and entertainment to industrial training and telepresence work.

He also expressed his enthusiasm for helping Moiin and Oasis City succeed on the global stage, both in his capacity as an adviser and through the new venture capital fund.

Moiin is developing what it calls Oasis City, “the world’s first fully immersive VR ecosystem”.

Oasis City will be a VR content platform that makes use of Moiin’s innovations in motion-tracking tech and blockchain. A distributed ledger technology will reportedly underpin Oasis City’s e-billing system.

Moiin’s work in VR covers theme parks, military training simulations, education and gaming.

Image credits: Main—Sharon McCutcheon on Unsplash; Inset—Moiin