The series A funding is a significant mark of confidence in Virti, whose deep learning technology is improving training outcomes by up to 230%, according to the company
➨ Launched in 2018, Virti provides a cloud-based, no-code simulation creation suite that enables organisations to build bespoke training modules for a range of devices, including virtual and augmented reality headsets
➨ The round was led by IQ Capital, with participation from Cedars-Sinai Medical Center and a new, UK-based venture capital fund focused on this area
➨ The funding comes alongside three important new hires for Virti
Digital training company Virti has raised $10 million in series A funding.
The round, led by deeptech investor IQ Capital with participation from Cedars-Sinai Medical Center and a new, UK-based venture capital fund focused on this area, will enable Virti to pursue its current international growth trajectory, as well as carry out research in and develop new learning and training technologies.
Launched in 2018 by Dr Alexander Young, an NHS trauma and orthopaedic surgeon, Virti provides a cloud-based, no-code simulation creation suite that enables organisations to build bespoke training modules that analyse user performance using computer-vision AI and natural language processing (NLP).
Organisations can access and deploy their simulations using mobile or desktop devices, or virtual and augmented reality headsets. The solution captures data across these three different mediums, applying data science protocols to analyse, measure and feedback on human performance.
The series A funding is a significant mark of confidence in Virti, whose deep learning technology is improving training outcomes by up to 230%, according to the company, while supporting individuals and organisations in the global shift towards remote and flexible ways of working.
Its learning and training solution has been deployed in healthcare settings around the globe, most notably throughout the pandemic to rapidly and remotely train frontline healthcare workers to use personal protective equipment, navigate new wards, and manage infection risk.
In the US, medical students have been using Virti’s NLP-powered ‘virtual human’ to practice soft skills such as explaining diagnoses, building patient trust, and handling challenging situations. The Virti solution is also being utilised to facilitate the mass training of medics in developing countries, by enabling global expertise to be ‘beamed in’ from hospitals around the world.
Outside of healthcare, Virti’s solution has been deployed by universities, corporates and public sector organisations to teach soft skills, from crisis management to mindfulness.
All of this interest has resulted in Virti’s revenues growing 978% and the company’s workforce doubling in size.
‘By far the best in the world’
Young, who VRWorldTech met last year at the height of the pandemic to check in on the company’s progress, comments: “We feel privileged to have both deep tech experts and world-leading educators on our cap table in this round, to help us achieve our ambition of becoming the world’s leading developer and distributor of deep learning and digital training solutions.”
The funding comes alongside three important new hires for Virti. Kurt Kratchman and Mark Ashworth join the company from Oracle as chief revenue officer and chief financial and operating officer, respectively.
Michael Hernandez, previously at Nearpod, joins Virti as head of customer success.
Commenting on Virti’s exciting prospects, Max Bautin, managing partner at IQ Capital, says: “E-learning has seen strong growth over the last five years, and Covid-driven shift to remote work has increased demand many times over. Virti’s deeptech experiential learning platform is by far the best in the world. We are privileged to lead this highly competitive round and partner with Alex and his super-talented team to deliver on this exceptional growth opportunity.”