| 9.5°C Dublin

HTC invests €3m in Waterford-based VR Education

Close

Sandra Whelan, COO and David Whelan, CEO of VR Education.

Sandra Whelan, COO and David Whelan, CEO of VR Education.

Sandra Whelan, COO and David Whelan, CEO of VR Education.

VR Education has received a €3m investment from global tech company HTC in return for a 20pc stake in the business.

Waterford-based VR Education develops virtual reality training and education platforms. These make it easy to collaborate on tasks remotely, create content and learn in virtual reality.

Under the terms of the deal, the two are entering into a strategic partnership for the distribution and license of VR Education's ‘Engage’ platform globally through HTC enterprise sales channels.

The funds will be used to further develop and enhance the company's ‘Engage’ platform and build its sales and marketing capability, a statement from VR Education said.

In addition, the money will go towards the production of “additional showcase experiences” to support the uptake of the ‘Engage’ platform.

HTC will be entitled to appoint one non-executive director to the board of VR Education for as long as its stake in the company exceeds 10pc.

The investment follows the success of this year’s HTC ‘VIVE Ecosystem’ conference, which was hosted on VR Education’s ‘Engage’ platform in March.

David Whelan, CEO of VR Education, said: "We are delighted to be strengthening our partnership with HTC."

"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.”

HTC has purchased 48,284,102 subscription shares in VR Education, which will be issued at a price of 5.47 pence per subscription share.

The price was negotiated when discussions between VR Education and HTC commenced in March, and represents a premium of approximately 10pc of the price of VR Education's existing ordinary shares at that time.

Upon admission to the stock exchange, the enlarged issued share capital is expected to be 241,420,508 ordinary shares with the subscription shares representing approximately 20pc the enlarged issued share capital.

The deal is subject to VR Education's shareholders passing certain resolutions at an EGM next month.

In 2018 VR Education raised £6m (€6.7m) when it listed on the London and Irish stock exchanges.

Online Editors