The social VR platform “ENGAGE” generated more than $ 1.4 million in revenue during the first half of 2021: a path to virtual reality

VR Education, the virtual reality software company behind it ENGAGE, has reported a significant increase in revenue generated by the social RV platform so far this year, with revenue from Participate in 2021 it almost doubled in the same period last year.

The company based in Waterford, Ireland, has created several tailor-made educational experiences over the years, alongside its most successful product, Take part, which is aimed at companies that use it for activities such as virtual training, simulation, education and online events.

Listed stock companies that work in RV are usually very large and diversified to the point that choosing financiers does not always provide meaningful data. However, the vast majority of companies working in the industry are private and therefore are not required to specify their wins (or losses).

But VR Education is a pretty unique case in the industry. As a small and medium-sized company that is publicly listed on Euronext Dublin and the London Stock Exchange, it is not only required to take a look at shareholders to financiers, but also conveniently serves as a strong watermark to see how things are moving. in VR.

According to the company, in the latest update of the shareholder detailing the first half of 2021 Participate almost doubled its revenue over the same period last year, with unaudited revenue during the first half of 2021 expected to reach about 1.25 million euros (~ 1.5 million dollars), an increase 84% of the first half of 2020 revenue of € 680,000 (~ $ 800,000). The first half of 2021, Participate it accounted for 72% of its global revenue, 39% more than the previous year.

To put this in perspective, in 2020 the company reported a total annual revenue of all products at 1.42 million euros (~ 1.68 million dollars). With a global bottleneck pandemic awarding most face-to-face businesses through online communication platforms, it seems that VR Education has managed to capitalize.

And it looks like the company also has a bit of a clue ahead. In June, the company announced that it had raised 9 million euros (~ 10.7 million dollars), which will help it launch its Oasis metaverse platform: It is said to be a “full-featured corporate metaverse” where companies can come together and sell products and services directly.

VR Education now has more than 100 commercial customers who use them Participate platform, including recent additions to Abbott Laboratories, KPMG, MongoDB and the US Department of State. HTC, a strategic partner and shareholder in VR Education, has also started selling its own ENGAGE-based product, VIVE Sessions, in China using the Vive XR Suite software package.

Participate is available on several VR devices, including SteamVR headphones, Oculus Quest, Vive Focus Plus, and Pico headphones. It also supports iOS and Android mobile devices and traditional PC monitors.

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