What it does
VR Education is focused on the benefits virtual reality can bring to education, with immersion and the remote connection opportunities as key drivers.
The online student market especially will be perfectly suited to the immersion and remote aspects of VR, says CEO Dave Whelan.
Even before its integration into the Oculus Go headset, VR Education’s Apollo 11 experience had already been downloaded more than 120,000 times and generated over €1mln in revenue for the group.
Raid on the Ruhr, for example, allows users to experience the famous 1943 mission first-hand as they fly the Lancaster bomber from the UK to the Ruhr Valley.
How it’s doing
In its results for the year ended 31 December 2019, VRE reported a loss before tax of €1.9mln, narrowed from €4.9mln the year before, while its revenues rose 43% to €1mln.
Looking ahead, the group said it believed its ENGAGE platform is “perfectly positioned to meet the needs of this new world as the seeds which were planted over the previous three years are now starting to grow and bear fruit.”
“We are confident for the future prospects of the Group and look forward to further updating shareholders as we progress through 2020”, it added.
In March, VRE started talks over a strategic partnership with Taiwanese electronics firm HTC to distribute its ENGAGE platform globally.
ENGAGE allows users to build and attend classes or meetings in a virtual reality (VR) environment and VRE hosted a virtual conference historically held by HTC in Shenzhen in China.
The partnership was given a boost in May when the firm received a €3mln investment from HTC, giving the company a 20% stake in VRE.
Elsewhere, the company has also made progress in the US, signing a partnership deal with VictoryXR to use its ENGAGE platform to school children across the US as part of a revenue share agreement.
- Virtual conferencing set for a boost from coronavirus lockdown
- The company staged a virtual conference for Taiwanese group HTC
- Speakers were located in China, Taiwan, France, the UK and the US and presented via the ENGAGE platform.
- The company’s Apollo experience has also been selected by Facebook Inc (NASDAQ:FB) to be part of its Oculus Anywhere programme
David Whelan, VR Education’s chief executive, said of the HTC partnership and investment: “The subscription will provide additional funding for the next stage of our development and allow us to progress the capabilities and commercialisation of our core ENGAGE platform at a time when industries across the globe are adapting to new and innovative ways of working.”