London-based VRtuoso, a virtual reality presentation platform that aims to help enterprises cut training costs and boost sales, announced that it has raised €573k in seed funding. The round was led by Symvan Capital, with participation from Compagnia Bresciana Investimenti. The startup plans to use the funding bolster its research and development operations, and expand geographically across Europe and into North America.
Using VRtuoso, companies can create, deliver and adapt presentations with 360° and two-dimensional content, like video, PowerPoint slides, and text to transform the way they train and develop their employees. No experience or technical expertise is required to deliver VR presentations, and learning and development teams can guide their audience and control what is viewed on all VR headsets in real time.
According to the company, VR produces 100% engagement and over 80% retention in training environments, and the market for VR training is expected to be worth $6.3 billion by 2022. Existing solutions can be both costly and require in-depth technical knowledge to deliver. However VRtuoso’s solution addresses both obstacles – providing a cost-effective, truly out-of-the-box (no internet connectivity required) experience, using a simple drag and drop user interface.
“We are delighted to welcome this round of funding as we continue to scale internationally,” said Francesco Furnari, VRtuoso founder and CEO. “Enterprises that embrace VR see incredible results with our easy-to-use and cost-effective learning product. As a unique offering within the market, we expect our growth to continue as we build out our sales and marketing footprint.”
“VRtuoso’s compelling proposition brings VR-based training to the enterprise, tackling their biggest challenges – that of cost and complexity of implementation,” said Nicholas Nicolaides, Investment Director at Symvan Capital. “As investors we have focused on the team led by Francesco, the problem they solve, the impact to the customer’s bottom-line, and the opportunity to scale. Given the impressive list of Fortune 500 customers, there is a clear opportunity to tap into customer demand for this exciting product. We proudly welcome VRtuoso and its talented team to our portfolio.”
“The market for VR based enterprise training is set to explode in the next three years,” added Tancredi Pisa Simonini Spada, CEO of Compagnia Bresciana Investimenti. “By tackling the major hurdles to adoption with a plug and play solution at a fraction of the cost of other less compelling offerings, VRtuoso has the opportunity to dominate the market.”