Waterford virtual reality technology firm VR Education Holdings has reported an 83% increase in revenues for the first half of 2021.
The company said accelerated demand for its Engage platform means it now has more than 130 commercial customers. It provides virtual communications that allow users to create, share and deliver content for education, training, and online events through the Engage platform.
In recent months the company has expanded to the Middle East through two commercial agreements in the United Arab Emirates: one for a global event for 12 international police forces and the other for a commercial license with custom development work. It has also partnered with the HTC Corporation to sell Engage in China, as part of a software bundle with HTC's new virtual reality headset.
As a result, revenues increased for the first half of 2021 to €1.25m compared to €681,000 for the same period in 2020. Engage revenue accelerated to €0.9m and comprised 72% of total group revenue for the period. However, planned investment in capabilities has widened pre-tax losses at the company to €1.3m.
“The first six months have seen the continued growth of Engage, building on the trends of 2020, as more and more companies and organisations around the world see virtual reality as a better way of communicating," David Whelan, CEO of VR Education, said. "The pandemic has had a major impact on the use of Engage which is set to continue as the technology becomes more accessible, and the drive to live more sustainably, and reduce travel, picks up pace."
"We have seen major developments in the first six months, including the rollout of our software in China through our partnership with HTC, passing the milestone of 100 commercial customers, and VR Education Holdings entering new markets, including the Middle East.”