Engage XR plans to launch its corporate metaverse offering later this year, following a period of steady growth and new clients for the Waterford-based company.
Engage XR, formerly VR Education, has partnered with Stanford University and HTC to launch its metaverse platform for enterprises later this year.
The university’s Virtual Human Interaction Lab has become a launch partner of Engage Link, the VR company’s corporate metaverse which is expected the launch in the fourth quarter of 2022.
HTC and Engage XR announced a strategic licensing partnership In 2020, which was cemented further when the start-up received a €3m investment from HTC later that year.
The Waterford-based start-up made the announcement today (2 August) with its interim earnings results for the first half of the year. The company’s revenue for the first half of the year is expected to be €1.76m, up from €1.25m in 2021.
Engage XR, which was featured as a Siliconrepublic.com Start-up of the Week in 2015, provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its virtual campus, office and events products.
The company’s revenue from its proprietary software platform, Engage, is expected to be around €1.46m for the first half of 2022, an increase of 62pc and representing most of the start-up’s total revenue.
Engage XR said the year to date has been one of progress, as it gained new clients for its software platform such as global logistics company Kuehne + Nagel, Kia, and Natixis. South Korean company D’Carrick also signed a new contract with the company worth €300,000 over a three-year period.
The Waterford-based start-up said its US Partner VictoryXR has announced the launch of 10 ‘Metaversities’, which are funded by Meta and built on the Engage platform.
Engage XR CEO David Whelan said the results has given the company confidence in the prospects of the enterprise offering Engage Link.
“A growing number of blue-chip companies are adopting virtual reality for events, training, and engaging with stakeholders worldwide,” Whelan said. “We are extremely excited about the interest being shown by major organisations in our new technology.”
“The metaverse is set to change global business practices and Engage XR aims to be at the forefront of this revolution,” Whelan said.
Engage XR said it has expanded its US presence ahead of the launch, including the appointment of Richard Allin as CRO and Kyle Horner as Director of Marketing.
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