Virtual reality provider Engage XR Holdings saw group revenue increase by 68pc last year, to €2.4m, as it grew its customer base.
n its results for the year ended December 31, the tech firm announced revenue for the Engage online communications platform was up 200pc to €1.8m.
Previously known as VR Education Holdings, Engage has rebranded and moved away from mainly education-based products to providing ‘metaverse’ – virtual reality world – services to major enterprise clients.
Engage now has 139 commercial customers, with 60pc of revenue coming through enterprise clients, chief executive David Whelan said in a statement today.
The group’s gross margin increased by 7pc last year to 79pc, with a cash position of €7.8m on December 31, and no debt. Engage XR’s cash balance was strengthened by a €9m fundraise last year.
The group is targeting annual revenue growth for Engage in excess of 100pc to reach €10m by 2025, with a gross margin of over 80pc once annual revenue is between €5m and €10m.
It hopes to add 10pc to its user base per month to reach 100,000 monthly users and 500 active customers.
In 2021, it added carmaker BMW, medical devices producer Abbott, consumer goods corporation Unilever and tech giant Facebook (Meta) to its client list.
Other major additions in 2021 include a contract with American multinational conglomerate 3M, which is using the Engage platform to build its own ‘meta world’.
Engage also signed a six-figure contract with remote learning firm Optima Domi to service the world’s first virtual reality charter school in Florida.
“Our metaverse plans for Engage are very different to Meta’s Horizons, Microsoft’s AltSpace or Roblox,” Mr Whelan said.
“We are well positioned to become the enterprise solution for companies seeking to enter the metaverse to host meetings, events, product launches, and conduct training.
“We are already capturing this opportunity through our work with 3M, who is using our platform to build its own ‘metaworld’. We look forward to fully launching our metaverse offering in the second half of this year.”