A learning technology specialist, VR has made a name for itself with 3D re-creations of the Apollo 11 Moon landing and Titanic’s ill-fated maiden voyage.
David Whelan, chief executive, told Proactive that the business had grown from a start-up funded by a €1,000 loan from his sister to a £19mln business in just three years.
VR used the 3D re-creations to showcase its learning platform, where it already has established partnerships with universities such as Oxford, enterprises including the BBC and business training firms.
Education and corporate training in a virtual reality environment are the main markets being targeted.
“If you are going to study marine biology, why not do it from the seabed,” he said.
VR shipped more than 100,000 copies of its Apollo 11 VR through the Oculus and Playstation stores.
A key differentiator of its platform is that it enables educators and trainers to create their own VR lessons and presentations.
Barry Downes, Suir’s chief investment officer, also owns a further 9%.
Timing spot on
Timing has aided the group’s rapid rise, Whelan told Proactive.
He cites a film due to be released in two weeks time called ‘Ready Player One’, which is all about virtual reality.
Based on a tech bestseller, the first third focuses on education.
Whelan says he read the book on a trip to the US to see potential investors and just said to them we have that platform already.
VR Education raised £6mln in a placing priced at 10p ahead of the float.
Shares were changing hands at about 11.5p near the close Monday to give a market capitalisation of £19.3mln