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, launched in March, 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
For the six months ended 30 June, VRE reported that revenues had risen 66% to €300,000, while pre-tax losses were slashed to €1.2mln from €4.1mln.
The company also said it was on track to meet its expectations for the full year, with its new showcase experience Shuttle Commander, due to hit the market in the fourth quarter.
Shuttle Commander, where users can explore missions from the Hubble Space Telescope, is one of multiple VR experiences offered by VRE including the Dam Busters title ‘Raid on the Ruhr’ and an experience of the Apollo 11 moon landings.
Meanwhile, VRE said in an outlook statement that the commercialisation of its core ENGAGE platform, which allows users to create virtual classrooms and meeting rooms, was “gaining momentum”, mainly in the US and Asian markets, despite a “challenging time” in the UK.
Despite the issues in the UK, VRE’s chief executive David Whelan said the company had taken “decisive steps” to resolve the matter and was “well-placed” going forward.
- In October, VRE's ENGAGE platform had been selected by Facebook for inclusion in a software vendor programme for its Oculus VR device which is aiming to boost adoption of VR technology
- In May, the company said one of America’s top aerospace museums, the US Space and Rocket Center in Huntsville, Alabama would be using its Apollo 11 VR experience in a “major new attraction”
- The company’s Apollo experience has also been selected by Facebook Inc (NASDAQ:FB) to be part of its Oculus Anywhere programme, a pre-approved list of apps that are used to demonstrate the capabilities of Facebook’s Oculus VR headsets
- Earlier this year the firm also inked a deal with digital content firm D'Carrick Co Ltd to bring its ENGAGE VR learning platform to the South Korean education sector
CEO Interview – David Whelan
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”.
Whelan is also upbeat about the future for VRE, having said previously that the company’s market will be worth “£1.7bn by 2021”.
With the shares trading at 7.2p as of 25 October 2019, VRE carries a market cap of £13.9mln.