A private equity firm has backed UK-based Avantis Systems to the tune of £4.25 million and Engage now accounts for a third of its creator’s revenue. The potential and the proof of virtual reality-powered educational solutions are there to see
➨ Avantis launched hardware and software solution ClassVR in 2017. It enables teachers to immerse their pupils in a variety of virtual reality experiences
➨ Sales of ClassVR have grown rapidly since launch, with more than 40,000 virtual reality headsets now deployed in more than 3,000 schools around the world
➨ Engage generated 33% of Immersive VR Education’s total revenue, which increased by 37% to €681,000 during the six months ending 30 June 2020
A private equity firm has backed UK-based Avantis Systems to the tune of £4.25 million, demonstrating the increasing faith being shown in the potential of virtual reality-powered educational solutions.
Avantis launched hardware and software solution ClassVR in 2017. It enables teachers to immerse their pupils in a variety of virtual reality experiences.
Sales of ClassVR have grown rapidly since launch, with more than 40,000 virtual reality headsets now deployed in more than 3,000 schools around the world.
The educational solution from Avantis has proven to be a particular hit internationally, with more than 80% of ClassVR sales in overseas markets across North America, the Asia Pacific, Europe and Latin America.
This success convinced UK-based private equity firm Key Capital Partners to acquire a significant minority stake in Avantis, in exchange for £4.25 million, which will be invested in the company’s overseas distribution model and product development.
Owen Trotter, managing partner at Key Capital Partners, will join the board of Avantis.
He said Avantis has done “a fantastic” job in creating a product that adds “real value” in the classroom.
Trotter continued: “Our research confirmed the huge potential for the business to grow rapidly over the next few years and I look forward to working with Nik and the team to turn this into reality.”
Nik Tuson, managing director of Avantis, added: “We have had phenomenal success with ClassVR and the investment from Key Capital Partners will help us to firmly establish Avantis as the premier provider of VR and AR technology in the classroom.”
The £4.25 million investment in Avantis is another sign that virtual reality-based educational solutions represent the future for post-Covid-19 learning.
Ireland-based Immersive VR Education, developer of Engage, received €3 million from HTC earlier this year. That investment was likely based on similar research to Key Capital Partners. Indeed, HTC Vive is a user of Engage.
Immersive VR Education is also an interesting example because the company is publicly traded, so it publishes its financial results.
Its latest, published today, showed that Engage generated 33% of Immersive VR Education’s total revenue, which increased by 37% to €681,000 during the six months ending 30 June 2020.
Engage accounted for 18% of Immersive VR Education’s total revenue during the same period last year.
David Whelan, chief executive officer of Immersive VR Education, explained: “2020 has been a catalyst for increasing interest and uptake of VR to enable companies and employees to continue to interact. Our proprietary Engage platform has benefitted from this and is now being used by significant global organisations, both governmental and corporate.”
VRWorldTech took a tour of a virtual campus of one Engage customers earlier this year. Victory XR Academy has to be experienced to be believed.
Main image: ClassVR headset