Monday 23 April 2018

Edtech business looks to raise €5m in IPO

Educational technology business Immersive VR Education is preparing to float on the Irish stock market. Stock photo
Educational technology business Immersive VR Education is preparing to float on the Irish stock market. Stock photo
Gavin McLoughlin

Gavin McLoughlin

Educational technology business Immersive VR Education is preparing to float on the Irish stock market.

The company is looking to raise as much as €5m and aiming to complete an IPO before the summer.

It would list on Dublin's Enterprise Securities Market, and AIM in London. Its backers include Enterprise Ireland and venture-capital firm Kernel Capital.

Money raised would be used to build the brand and develop the software further, as well as for other purposes.

The business has developed a software platform designed to provide lectures and other types of educational content in virtual reality. Set up in 2014, it is run by chief executive David Whelan and has raised €1.3m to date.

It said its "vision for the future is to see virtual reality become a staple tool for education and training and we strive to produce quality experiences that demonstrate this".

The company told the Sunday Independent that it is "reviewing a number of options in order to attract further capital investment into the business.

"It is the company's policy not to comment further until discussions are complete and a decision is made with regard to any further investment secured," it said.

Sunday Indo Business

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