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HTC invests €3m in VR Education

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The Waterford-based company develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn

The Waterford-based company develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn

The Waterford-based company develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn

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

The Waterford-based company develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn.

The deal with HTC includes a strategic partnership for the distribution and licence of VR Education's 'Engage' platform globally. The funds will be used to 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 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.

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

The deal is subject to VR Education's shareholder approval.

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

Irish Independent