23 Mar 2017 | 12.02 pm
Virtual Reality Platform Raises €1m
Immersive VR Education has medical training focus
23 Mar 2017 | 12.02 pm
Immersive VR Education, a Waterford company which applies virtual reality technology to education, has raised €1 million in funding from Kernel Capital and Suir Valley Ventures.
A spinout from Waterford Institute of Technology’s research-based Telecoms Software and Systems Group, IVRE’s virtual reality platform provides content that can be used in schools, colleges, universities, research centres and corporate training.
The company says it can be used to teach any subject in a virtual environment, allowing students to fully immerse themselves in the experience, making hard to visualise concepts easy to understand.
Founded by husband and wife team Sandra and David Whelan, IVRE employs 20 people. The company is collaborating with Oxford University and the Royal College of Surgeons to develop VR-based training programmes for medical professionals.
CEO David Whelan said: “This investment from Kernel Capital and Suir Valley Ventures will allow us to continue to grow, continue to hire and expand beyond our current capabilities. Virtual reality is such an exciting, new and emerging industry with many new opportunities.
“It’s great to work with such an established institution such as Kernel Capital with their proven track record of bringing early stage companies to fruition. We are very lucky to have them on board as partners on this journey to a new digital virtual world.”
Orla Rimmington of Kernel Capital commented: “Virtual reality is playing an increasingly important role in the evolution of education, and Immersive VR Education is at the forefront of this change. IVRE has gained excellent market traction with their first VR experience, Apollo 11, and this investment will help them to achieve scale and bring innovative new products to market.”
Suir Valley Ventures is an entrepreneur-led VC fund that invests in early stage software companies, specialising in augmented reality and virtual reality, financial technology and the Internet of Things.
Photo (l-r): Orla Rimmington, Niall McEvoy from Enterprise Ireland, David Whelan, Pamela Pim from Bank of Ireland and Barry Downes from Suir Valley Ventures