VRAI secures €1.2m in funding
20 August 2020 | 0
VRAI, a Dublin-based company that creates AI-powered virtual reality simulation training for high-hazard environments, has secured €1.2 million in seed funding in the past 12 months through private investors in conjunction with Enterprise Ireland. VRAI combines virtual reality, augmented reality and Internet of Things technologies to create memorable and measurable simulation training for hazardous environments. The company has worked with The Irish Defence Forces, IAG in Heathrow Airport and The United Nations in Somalia among others.
The company has also seen its headcount quadruple from three to 12 employees.
According to Chambers Ireland, 85% of Irish businesses have had to close to some degree and learn how to operate remotely due to Covid-19. VRAI hopes its VR remote training solutions will allow businesses to continue their employee training and development safely and securely.
VR has proved a solution for large scale companies when it comes to both hard and soft skills training. A recent study by PWC highlighted that users trained with VR experience a boost in confidence (40%) and a heightened ability to put their new skills into practice (35%).
“This investment is a recognition that the market is ready for this type of solution and gives us the backing we need to continue growing our team and building out the product features our customers want,” said VRAI managing director and co-founder Pat O’Connor. “As more and more large organisations focus on remote working, reduced travel and limiting physical interaction, an enterprise ready remote VR simulation training platform becomes a necessity to enable this.”
Co-founder and co-managing Director Niall Campion added: “We have worked closely with our customers to understand their challenges and this investment allows us to create the solutions they need. The added value of VR training is the behavioural insights that are unlocked by the data generated and we believe, ultimately, this will help save lives in hazardous working environments.”