Web-based game creation platform Red Brick has been selected for 'HUB71', a startup incubation program operated by Mubadala, one of the three major sovereign wealth funds of the United Arab Emirates (UAE).
HUB71 is a global startup support program under the Abu Dhabi government, which selects innovative companies from around the world every year and provides investment and intensive nurturing. To date, more than 260 global startups have attracted a total of $1.5 billion (approximately 2 trillion won) in venture capital, and the UAE government, global corporations, and investors collaborate to support the growth of startups. In addition to financial investment, the program provides comprehensive support, including global technology cooperation and business operation support through incubator and accelerator programs.
Redbrick was selected through fierce competition among more than 1,300 startups from around the world who applied for this HUB71 selection, and only 27 were ultimately selected. In particular, Redbrick was the only Asian company selected in the digital asset field, and its technology and business potential were recognized. Accordingly, Redbrick will begin participating in HUB71’s accelerating program in Abu Dhabi this month, laying a strategic foundation for expansion into the Middle East and global markets.
Redbrick is a global tech startup that provides various innovative services based on web-based game creation technology. It currently operates ▲web-based game creation engine 'Redbrick' ▲game and software education service 'Redbrick Class' ▲web 3.0-based game 'Redbrick Web 3', etc. In addition, it boasts strong technological prowess in web-based game development by possessing its own patented technologies such as a user code analysis system utilizing AI and next-generation block coding technology (OOBC). As of last month, Redbrick recorded 3.17 million cumulative users, of which more than 70% are global users.
With this selection for the HUB71 program, Red Brick plans to fully target the game market in the Middle East and North Africa (MENA) region. Currently, the game market size in the MENA region is approximately 7.1 billion dollars (approximately 9 trillion won), which is approximately 4% of the global game market, but it is growing rapidly, centered around the UAE and Saudi Arabia. Red Brick plans to accelerate its market entry in this region by thoroughly localizing immersive games based on AI-based virtual/augmented reality (VR/AR) and web 3.0-based games.
With this HUB71 selection, Red Brick plans to further expand its global presence and grow into a globally competitive company. Red Brick CEO Yang Young-mo said, “Through this HUB71 program, we plan to further develop Red Brick’s strength, web-based game technology, and accelerate expansion into the Middle East and global markets,” and “We will continue to transform into a competitive company on the global stage through continuous technological innovation.”
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