Newcastle and Dublin based VRAI, a start-up whose dual use technologies enable greater data-driven insight from simulation-based training, has raised £4.2 million in a Series A led by Beringea, the transatlantic venture capital firm.
“In industries with complex and expensive equipment, such as aerospace, defence and security, simulation-based training has become a vital and growing approach to preparing employees for their roles,” said Beringea.
“Estimates suggest that the global market for simulation learning could triple in size to a value of almost £36bn by 2032.
“To deploy these technologies effectively, organisations want to ensure that data generated within simulated environments provide relevant, accurate, and rapid feedback.
“VRAI’s data platform integrates with simulation solutions, including VR headsets and traditional simulators, to provide actionable insights into the performance of individuals participating in immersive training.”
VRAI’s team of 25 is split across offices in Dublin and Newcastle and it has expanded to provide simulation data to clients including the British Army, Kongsberg, BAE Systems, as well as customers in offshore renewable energy.
This round of investment will leverage Beringea’s transatlantic footprint and drive VRAI’s expansion in the US, the world’s largest market for immersive technologies in aerospace, defence and security. The company also expects to double its headcount, investing further in its product, sales, and marketing functions.
Pat O’Connor, founder and CEO of VRAI, said: “We are delighted to announce our latest investment round, which marks a significant milestone in our mission to redefine exceptional human performance through data driven simulation. We aim to be global leaders in our niche. This investment will allow us to continue innovating for our existing customers, continue building a talent dense team and growing the company through our new US office.”
Luke Edis, Investment Director at Beringea, said: “Global industries – particularly defence and aerospace – are increasingly turning to simulated environments to provide training.
“Gone are the days when individuals had to learn within expensive pieces of equipment – you can now train in simulated environments that are cheaper, safer, and more measurable.
“VRAI is fundamental to ensuring this process is effective. Beringea will be working closely with Pat to drive the next chapter of growth for VRAI, particularly through leveraging our network in the US.”