Technology

Engage XR expects big jump in revenue as corporate customers sign up

Waterford-based virtual reality company says it expects revenue of €2.4 million for 2021

“Engage provides a level of interaction they cannot get through traditional video and text-based platforms.”

Mon Jan 31 2022 - 08:12

Waterford-based virtual reality company Engage XR, formerly VR Education, says it expects revenue for last year to be in region of €2.4 million, up 68 per cent on the previous year.

In a trading update, the group said active clients on its Engage platform, which was released on PC-supported VR devices in 2019, rose by more than a third in 2021 to 139 and now include big corporate names such as 3M, BMW and Abbott.

It said Engage now accounts for 75 per cent of group revenue. “The group has seen a big increase in enterprise and education clients using the Engage platform, with 139 active customers at the year end representing 6,634 enterprise and education licenses,” it said.

“Notably, 3M, BMW Motorsport, Abbott Group, and the US department of state all became clients during the period,” it said.

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“The group has closed multiple six figure deals for services provided via Engage in 2021 and has a strong pipeline for 2022,” it added.

The company said its year-end cash balance was €7.8 million while it had a “monthly cash burn” of approximately €300,000.

Chief executive David Whelan said: "2021 has shown that we have, in Engage, a platform which clients are willing to invest time and money in. Engage provides a level of interaction they cannot get through traditional video and text-based platforms."

The company plans to launch “the next evolution of Engage” – a business-focused metaverse, codenamed Oasis – later this year.

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