Igloo Vision secures another £787,000 in investment

Mark manages all of the content for VRWorldTech. To discuss an idea or pitch a story, drop him a line at editor@vrworldtech.com

Immersive space company Igloo Vision is becoming a firm favourite among enterprises eager to continue communicating and collaborating amid the pandemic

Quick read

➨ Igloo Vision plans to use £787,000 in new funding to build out its software suite and accelerate production of Igloo Immersive Media Player
➨ Ingenious Group is the source of Igloo Vision’s £787,000 in equity investment, secured through the UK government’s Enterprise Investment Scheme
➨ This is Igloo Vision’s second investment secured since the onset of the Covid-19 pandemic

The story

It is the providers that effectively support collaboration and communication between multi-locational teams that will thrive in the current environment, according to a new investor in UK-based Igloo Vision, the developer of technology and software that can take any digital content and put it into a shared immersive space.

Neil Forster, chief executive officer at UK-based Ingenious Group, the source of Igloo Vision’s just announced £787,000 in equity investment, believes that the immersive technology company fits this bill.

Igloo Vision develops technology that enables groups to get inside spaces and engage with content. These include cylinders, domes and cubes, as well as several innovations developed and released amid the ongoing Covid-19 pandemic this year.

One such innovation, Igloo Immersive Workspace, can transform any meeting room or collaboration space to house a wraparound 360° screen powered by its software.

The recently launched Igloo Immersive Media Player, meanwhile, enables clients to create their own shared immersive spaces using its core technology.

Igloo Vision’s clients include Accenture, Microsoft, WarnerMedia, NTT, and AECOM, many of which are using its technology to adapt to the Covid-19 pandemic.

The company plans to use the £787,000 in new funding, secured under the UK government’s Enterprise Investment Scheme (EIS), to build out its software suite, which is already integrated with video conferencing platforms, including Zoom and Microsoft Teams, and accelerate production of Igloo Immersive Media Player.

This is Igloo Vision’s second investment secured since the onset of the Covid-19 pandemic. In April, it secured £435,000 from a range of EIS investors and since then, the valuation of the company has seen an annualised 12% increase.

Dennis Wright, chief executive officer of Igloo Vision, said: “This latest investment, along with the ongoing increase in the valuation of Igloo, is a reflection of the significant progress we’ve made, irrespective of a global pandemic and recession. Sales have remained buoyant and we have been able to penetrate new geographies, with Igloo technology now used in 39 countries.”

“The new funds, like the previous investment round, help us to fast-track our global growth, and, as we are eligible for further EIS investment until March 31st 2021, we are open to hearing from other potential EIS investors who want to be part of the Igloo success story.”

Forster added: “The deal aligns strongly with our investment strategy and we are looking forward to working closely with Dennis and his team.”

Let VRWorldTech know what you think via Twitter, LinkedIn, Facebook or editor@vrworldtech.com.

Image: Igloo Vision

close