Waterford tech company agrees €3m deal with global communications giant
A Waterford company which has developed a virtual reality conferencing programme which is alleviating the need for business travel during the Covid-19 pandemic has agreed a huge investment deal with one of the world’s leading electronic communications group.
VR Education, the Waterford-based tech company has developed the ‘Engage’ VR programme and Taiwanese consumer electronics giant HTC has agreed to invest €3 million into the company it what is being called a ‘strategic partnership.’
The Engage platform connects up to 50 people at a time to any session and once in the virtual reality room, those present can interact as if they were physically there. Engage was used for HTC’s global tech expo in March, all held in VR due to the coronavirus. Due to its success HTC has decided to get on-board with the Waterford company.
In an announcement to the EuroNext Irish Stock Exchange published this morning, the company said: “VR Education, a leading virtual reality (‘VR’) technology company focused on the education and enterprise training space, announces that HTC Corporation (‘HTC’) has agreed to invest €3.0 million in the Company (the ‘Subscription’) and that HTC and the Company are entering into a strategic partnership for the distribution and license of the Company’s ENGAGE platform globally through HTC enterprise sales channels.
“HTC’s investment follows the success of the 2020 HTC VIVE Ecosystem Conference which was hosted on the Company’s ENGAGE platform in March 2020.”
VR Education’s chief executive David Whelan is looking forward to the opportunities the partnership can bring and said: “The subscription will provide additional funding for the next stage of our development and allow us to progress the capabilities and commercialisation of our core Engage platform at a time when industries across the globe are adapting to new and innovative ways of working.
“In the wake of the COVID-19 pandemic, which is set to catalyse long-term changes in working practices, VRE and HTC’s combined offering provides a complete end-to-end service to alleviate the challenges posed by reduced travel due to health and climate change concerns,” Mr Whelan concluded.