Tern PLC - FundamentalVR contract win
("Tern" or the "Company")
FundamentalVR contract win
Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that its portfolio company, FVRVS Limited ("FundamentalVR"), has secured a three year contract worth a minimum of
The contract is for the creation of a virtual reality ("VR") platform, that will be embedded on a VR headset to accompany every installation of the Client's product, to teach and provide assistance to the end user. As well as covering the configuration of FundamentalVR's platform, the contract will also deliver recurring annual revenues over its three-year term from licences and support. The rollout of the VR simulation is intended to deliver the Client's ambitions to accelerate the safe and compliant use of their products by using FundamentalVR's unique HapticVRTM and multiuser @HomeVRTM technologies to provide users with the opportunity to rehearse, practice, and test themselves within a safe, controllable space that is as close to real-life as possible.
via IFC Advisory
Allenby Capital Limited
(Nominated Adviser and Broker)
Tel: 0203 328 5656
(Financial PR and IR)
Tel: 0203 934 6630
FundamentalVR delivers VR haptic 'flight simulators' for surgery creating a safe, measurable and repeatable space to refine skills. FundamentalVR's goal is to transform the way surgeons prepare, practice, and refine their skills. It has built an immersive, surgical simulation application platform, Fundamental Surgery, to provide medical professionals with the opportunity to rehearse, practice, and test themselves within a safe, controllable space that is as close to real-life as possible.
Tern's shareholding in FundamentalVR is 26.9% and as at
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