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Engage XR reports rise in revenues ahead of metaverse platform launch

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Engage VR platform

Engage VR platform

Engage VR platform

Virtual reality technology company Engage XR saw revenues rise in the first half of the year.

Group revenue is now expected to be around €1.76m for the six months to 30 June 2022. Revenue stood at €1.25m for the same period last year.

The company’s Engage platform also recorded growth in the same period, with revenues up 62pc to €1.46m.

Previously known as VR Education Holdings, Engage has moved from education-based products to offering virtual reality services to major enterprise clients.

The platform now comprises 83pc of revenues, an increase of 11pc from the first half of 2021.

During the first half of the year, Kuehne + Nagel International, Kia and Natixis became Engage clients.

Now Engage XR is planning the launch of its Engage Link platform, a dedicated metaverse platform, which is set to go live later in the year. The company will partner with HTC and the Virtual Human Interaction Lab at Stanford University to launch the new platform.

As part of the company’s expansion plans, the group has increased its headcount in the United States, appointing Richard Allin as its chief revenue officer and Kyle Horner as marketing director.

“A growing number of blue-chip companies are adopting virtual reality for events, training, and engaging with stakeholders worldwide. This gives us confidence in the prospects of Engage Link, our new Metaverse platform set to launch later this year,” said chief executive David Whelan.

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