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Wednesday 15 September 2021

Commercial and comms VR adoption ramping up for VR Education

VR Education logoVirtual reality technology is gradually making the move from the gaming world into corporate and education spheres, something the pandemic provided additional stimulus for, and VR Education is one of the drivers and beneficiaries. H1 results (to the end of June 2021) for the provider of VR tech to the education, communication and virtual event sectors show revenue growth of 83% to €1.25m. 

The demand for VR tech that accelerated during 2020 as organisations explored alternatives to video conferencing for interactive team communications has continued into 2021. VR Education is confident of ongoing demand for its  expanding ENGAGE platform as the technology becomes more accessible (e.g. it has launched ENGAGE Mobile which allows the audience to attend virtual events without requiring a VR headset or device), and the drive for sustainability impacts the amount of travel individuals undertake. ENGAGE platform revenue accelerated 33% to €0.9m during H1 and now accounts for 72% of total revenue. It has 130 commercial customers and new sign ups include Abbott Laboratories, KPMG, MongoDB and the US State Department.  Overall company performance was also supported during the period from the company taking its first steps in the Middle East and partner HTC beginning to sell VR Education products as part of a solution in China.

Expansion and investment meant the pre-tax loss widened to €1.3m (vs. €1.1m), although EBITDA loss was essentially flat at €1.0m. It did benefit from a successful £7.7m placing during H1. 

Part of the investment went into the development of the intriguing ENGAGE Oasis corporate metaverse. Expected to launch in H1 2022, Oasis is positioned as a digital world where businesses, professional users, educators, and digital artists can connect and provide services directly to each other and to the public (see here). Part of the plan is to enable organisations to build their own MetaWorlds. Interestingly, VR Education is taking a no code approach, using templates and simple block construction to make development simpler and more accessible. As one of the challenges with VR development is 3D skills, moves to dial down skills requirements and improve accessibility will be important in encouraging adoption.

Posted by: Angela Eager at 09:30

Tags: results   software   virtualreality  

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