Irish publicly traded software company VR Education, responsible for the Titanic and Apollo 11 virtual reality (VR) experiences, saw its revenue increase 15% in the last financial year.
VR Education’s revenue increased 15% to €716,000 in 2018, up from €624,000 in 2017. Last year, the software company was admitted to the AIM market of the London Stock Exchange and to Euronext Growth, a market regulated by Euronext Dublin. It racked up £6 million gross in fundraising.
The management of VR Education pointed to the software company’s fundraise and admissions as the springboard from which it has been able to launch new products and raise its revenue.
Richard Cooper, chairman of VR Education, said: “The successful initial public offering (IPO) and fundraise has been followed by a series of significant product launches, and so, a year on from the listing, the group has both launched its ENGAGE platform in commercial form and has broadened its retail experiences beyond Apollo 11 VR into Titanic VR and 1943: Berlin Blitz. The group is therefore well placed to capitalise on these in 2019 and beyond.”
ENGAGE is a social education, presentation, and corporate training platform that allows educators and corporations to host meetings, classes, private lessons and presentations with people from all over the world in a safe, virtual, multi-user environment.
VR Education successfully released ENGAGE in December 2018 via Steam and its own website, www.engagevr.io. The platform now supports Oculus Rift, HTC Vive, HTC Vive Pro, Windows Mixed Reality and standard PC display devices.
With the launch of ENGAGE, VR Education also released new content provided by Oxford University and additional features such as enhanced web-based media streaming, desktop streaming, selfie avatar generations, pro and free licensing, cloud file sharing and a full web-based management system for creating events, quizzes, content and enhanced account management.
Apollo 11 VR continued to sell well during 2018, reaching 160,000 downloads. Following its full launch in August 2018, Titanic VR had been downloaded 20,000 times, mainly its PlayStation version, which was released towards the end of November 2018.
VR Education has a busy 2019 planned, with a continued focus on the promotion of ENGAGE and generation of sales on the platform, together with the release of two new showcase experiences.
The first experience to be released in 2019 is Raid on the Ruhr, which is based on the Dambusters mission from World War II. The second experience, a larger space-related project, is scheduled for release in the second half of the year.
David Whelan, chief executive officer of VR Education, said: “The group has continued to make substantial operational progress since its admission to AIM, in line with the strategy outlined at the time of our IPO.”
“The board would like to thank our new and existing shareholders for their support and we look forward to capitalising on significant market opportunities during the course of 2019 and beyond.”