Virtual reality provider Engage sees increased demand for ‘metaverse’ services

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Virtual reality provider Engage XR Holdings saw the group’s revenue grow 68 percent last year, to 2.4 million euros, as it increased its customer base.

With the results of the year ended December 31, the technology company announced that revenue for the Engage online media platform increased by 200pc to 1.8 million euros.

Formerly known as VR Education Holdings, Engage has rebranded and moved from primarily education-based products to providing ‘metaverse’ services – virtual reality worlds – to large corporate clients. .

CEO David Whelan said Engage currently has 139 commercial customers, with 60 percent of its revenue coming through enterprise customers.

The group’s gross profit margin jumped 7 percent last year to 79 percent, with a cash position of €7.8 million as of December 31 and no debt. Engage XR’s cash balance was bolstered by a 9 million euro funding round last year.

The Group is targeting annual revenue growth for Engage beyond 100pc to reach 10m euros by 2025, with a gross profit margin of over 80pc as annual sales reach between 5m euros and 10m euros.

It hopes to add 10pc to its user base each month to reach 100,000 monthly users and 500 active customers.

In 2021, it added carmaker BMW, medical device maker Abbott, consumer goods group Unilever and tech giant Facebook (Meta) to its list of customers.

Other key additions in 2021 include a contract with the US multinational 3M, which is using the Engage platform to build its own ‘meta world’.

Engage also signed a six-figure contract with distance learning company Optima Domi to provide services to the world’s first virtual reality rental school in Florida.

“Our metaverse plans for Engage are very different from Meta’s Horizons, AltSpace or Microsoft’s Roblox,” said Whelan.

“We are well positioned to be the enterprise solution for companies looking to join supermarkets to host meetings, events, product launches and conduct training.

“We seized this opportunity through our work with 3M, which is using our platform to build its own ‘supermarket’. We look forward to launching a full service. its metaverse in the second half of this year.”

https://www.independent.ie/business/technology/vr-provider-engage-sees-boost-in-demand-for-metaverse-services-41422450.html Virtual reality provider Engage sees increased demand for ‘metaverse’ services

Fry Electronics Team

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