viewVR Education Holdings PLC

VR Education shares jump as it launches ENGAGE online learning and training platform

“The full release of ENGAGE is a transformational moment in our corporate history and is the result of many years of hard work, cutting-edge research and innovation”

vr education
Telecoms giant Nokia is one of those to have signed up to the platform already

VR Education Holdings PLC (LON:VRE) saw its shares jump on Thursday after the firm announced the commercial release of ENGAGE – its online virtual learning and corporate training platform.

It is a significant milestone for the company, which raised £6mln when it listed on the junior market earlier this year, a large slice of which was earmarked for the launch of ENGAGE.

READ: VRE launches HD version of Apollo 11 experience

The platform has been designed to overcome some of the limitations of online courses by allowing for virtual face-to-face education and training in a variety of environments regardless of the geographical location of the user.

VR Education has been working with the likes of the BBC and the University of Oxford to develop content for the app, which can be found in all major VR devices such as HTC Vive, Oculus Rift and Windows Mixed Reality devices.

The app will also be available on mobile VR devices such as the Oculus Go and Vive Focus early next year.

Nokia and Shenandoah already signed up

In addition to the pre-loaded immersive content – more of which will be added in the coming weeks and months – teachers and educators will also be able to create their own VR lessons and presentations.

Users will be able to download ENGAGE and access some content for free – a sample class, for example – although they’ll have to pay a monthly subscription fee if they want full, unlimited access.

Other revenue streams include revenue shares with creators selling their content through the platform as well as hosting private content which can only be accessed by people within a specific university or organisation.

Telecoms giant Nokia has trialled the pre-released version of the platform and has signed an initial commercial agreement, as has Shenandoah University in Virginia, US.

‘Launch is transformational’

“The full release of ENGAGE is a transformational moment in our corporate history and is the result of many years of hard work, cutting-edge research and innovation,” said VRE chief executive David Whelan.

“Although significant revenues are not expected to be generated from the ENGAGE platform until general adoption of VR and AR increases over the next two to three years, I am nonetheless delighted that both Nokia and Shenandoah University have signed commercial agreements.

“Being aligned to global leaders like these institutions demonstrates the potential and need for the platform.”

The plan now is to ramp up marketing of ENGAGE, with bosses attending various education trade shows both in the UK and abroad.

In afternoon trading, VR Education was the second-biggest riser on the London market, up nearly 22% at 12.50p..

 -- Updates share price --

Quick facts: VR Education Holdings PLC

Price: 14.25 GBX

Market: AIM
Market Cap: £34.45 m

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