What it does
VR Education is focused on the benefits virtual reality can bring to education, with immersion and the remote connection opportunities as key drivers.
The online student market especially will be perfectly suited to the immersion and remote aspects of VR, says CEO Dave Whelan.
Even before its integration into the Oculus Go headset, VR Education’s Apollo 11 experience had already been downloaded more than 120,000 times and generated over €1mln in revenue for the group.
Raid on the Ruhr, for example, allows users to experience the famous 1943 mission first-hand as they fly the Lancaster bomber from the UK to the Ruhr Valley.
How it's doing
Revenue in 2019 rose 42% to €1.02mln, though VRE was held back by the delayed launch and lack of availability of standalone VR headsets incorporating the group’s software.
However, this shortage has now been resolved and there was a “clear path” for revenue generation both from ENGAGE and its showcase experiences in the current financial year and beyond, it said.
The company’s underlying (EBITDA) loss for the year was cut to €1.49mln from €1.54mln in 2018, an improvement on market expectations, while its €1.29mln cash balance at the end of the year was also ahead of predictions.
"While it is disappointing to not have grown revenues for  at the pace previously forecasted, we have grown in the year and made significant progress which lays solid foundations for further growth in ”, Whelan said.
In March, VRE started talks over a strategic partnership with Taiwanese electronics firm HTC to distribute its ENGAGE platform globally.
ENGAGE allows users to build and attend classes or meetings in a virtual reality (VR) environment and VRE hosted a virtual conference historically held by HTC in Shenzhen in China.
- Virtual conferencing set for a boost from coronavirus lockdown
- The company staged a virtual conference for Taiwanese group HTC
- Speakers were located in China, Taiwan, France, the UK and the US and presented via the ENGAGE platform.
- The company’s Apollo experience has also been selected by Facebook Inc (NASDAQ:FB) to be part of its Oculus Anywhere programme
Commenting on the deal with Facebook to include ENGAGE on the Oculus software vendor programme, Whelan said ENGAGE was "being developed to meet these business needs providing virtual meeting rooms and training scenarios which save customers time and money” and expected the adoption of VR technology to accelerate “over the next 18 to 24 months”.