VR Education (LON:VRE) revealed it has received a €3mln investment from HTC Corporation as part of a formal strategic partnership to distribute and license its ENGAGE virtual reality platform globally.
Taiwan-listed HTC's investment follows the success of the 2020 HTC VIVE Ecosystem Conference, which was hosted on the ENGAGE platform in March 2020, the company said.
The subscription price is 5.47p, which was the price when discussions started on March 12, added VR Education, and will give HTC an approximate 20% stake in the AIM-listed company.
VR Education said the subscription will enable it to build ENGAGE’s sales and marketing capability as well as the production of additional showcase experiences for the platform.
HTC will be able to appoint one non-executive director to the VR Education board while its stake is above 10%.
in a statement, Alvin W. Graylin, HTC China President commented: "Earlier this year, we saw first-hand the kind of value we can deliver through ENGAGE by successfully hosting our annual VIVE Ecosystem Conference entirely in virtual reality.
"With the ongoing global pandemic, we recognise that now, more than ever, it is important to invest in and expand accessibility to XR technologies that enable human connection and maintain presence when we are all physically apart."
David Whelan, VR Education’s chief executive, said he was delighted with the partnership: “The subscription will provide additional funding for the next stage of our development and allow us to progress the capabilities and commercialisation of our core ENGAGE platform at a time when industries across the globe are adapting to new and innovative ways of working.”