Virtual reality technology company Engage XR Holdings said revenues rose 41 per cent in the first half of the year, reaching €1.76 million.
Revenue for the Engage platform accounted for 83 per cent of that, and at €1.46 million was 62 per cent higher year on year. The group had net cash of €4.9 million at June 30th 2022.
In its interim results for the six months ended June 30th, the company said it has increased its commercial customers to more than 180, with companies such as Kuehne + Nagel International, Kia, and Natixis among the newest client wins for the Engage platform. The platform was launched in 2019.
“Overall, we are growing strongly, and revenue is now almost completely comprised exclusively from the ENGAGE platform,” said chief executive David Whelan. “Quarterly revenues are regularly breaking previous records. With strong partnerships being formed both in the US and Asia, we see this trend continuing and even accelerating in the future. We, therefore, look forward with optimism and remain confident in meeting expectations for the year.”
Engage XR is preparing to launch its metaverse offering, with HTC and the Virtual Human Interaction Lab at Stanford University confirmed as launch partners. The company said an unnamed multi-national professional services firm, a global technology company and a leading publisher and education company have also agreed to be launch partners.
Ahead of the launch, Engage XR said it was expanding its US presence, with the sales team now at 10 employees.
“We are laser-focused on providing enterprise services within the wider Metaverse. Where other platforms have focused on user growth at all costs, only to gather a much younger audience, we have focused on developing tools and services to work with enterprise customers and universities and how they engage with employees, customers and students in the Metaverse,” said Mr David Whelan.
“It’s been said that ‘The best way to predict the future is to shape it’. At Engage, we are certainly taking that to heart. The Metaverse is not just for games and entertainment as we lead the way in terms of enterprise and education applications. This space is about to get interesting as we get set to turn on the lights at Engage Link.”
