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VR Education 's ENGAGE platform builds momentum

Snapshot

  • VR Education Holdings Plc's (LON:VRE) focus is not entertainment or gaming but the education sector
  • The firm has released several award-winning VR experiences including Apollo 11 VR, Titanic VR and 1943: Berlin Blitz
  • Showcase will be added to ENGAGE platform where educators and corporate trainers can create their own learning content
VR Education Holdings Plc - VR Education sees increased interest in ENGAGE platform and showcase content

Quick facts: VR Education Holdings PLC

Price: 13.84 GBX

AIM:VRE
Market: AIM
Market Cap: £33.46 m
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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, for example, 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

In its results for the year ended 31 December 2019, VRE reported a loss before tax of €1.9mln, narrowed from €4.9mln the year before, while its revenues rose 43% to €1mln.

Looking ahead, the group said it believed its ENGAGE platform is "perfectly positioned to meet the needs of this new world as the seeds which were planted over the previous three years are now starting to grow and bear fruit."  

"We are confident for the future prospects of the Group and look forward to further updating shareholders as we progress through 2020", it added.



HTC collaboration 

In March, VRE started talks over a strategic partnership with Taiwanese electronics firm HTC to distribute its ENGAGE platform globally.

ENGAGE allows users to build and attend classes or meetings in a virtual reality (VR) environment and VRE hosted a virtual conference historically held by HTC in Shenzhen in China. 

The partnership was given a boost in May when the firm received  a €3mln investment from HTC, giving the company a 20% stake in VRE.

Elsewhere, the company has also made progress in the US, signing a partnership deal with VictoryXR to use its ENGAGE platform  to school children across the US as part of a revenue share agreement.

 

Interview

 

Inflexion points

  • Virtual conferencing set for a boost from coronavirus lockdown
  • The company staged a virtual conference for Taiwanese group HTC
  • Speakers were located in China, Taiwan, France, the UK and the US and presented via the ENGAGE platform.
  • The company’s Apollo experience has also been selected by Facebook Inc (NASDAQ:FB) to be part of its Oculus Anywhere programme

 

Blue Sky

David Whelan, VR Education’s chief executive, said of the HTC partnership and investment: “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.”

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