Luminous XR, an Extended Reality (XR) software developer, has recently garnered attention for its remarkable £1 million funding from the North East Venture Fund (NEVF).
This substantial investment aims to aid the company in expanding its operations, specifically eyeing the lucrative US market. Meanwhile, the company continues to deliver innovative solutions in XR training, maintaining its pivotal role in the industry.
Significant Investment for Expansion
Luminous XR, an Extended Reality (XR) software developer, has secured £1 million in funding from the North East Venture Fund (NEVF). The fund is supported by the European Regional Development Fund and managed by Mercia Ventures.
This new investment follows Luminous XR’s recent success in securing a substantial contract with a major oil provider in the Middle East. The firm aims to use the new funds to expand its reach, especially targeting the US market.
Innovative Training Solutions
Luminous XR is known for its platform that allows developers to create metaverse-style training programmes. These programmes simulate real-life scenarios to provide authentic training experiences.
The platform is particularly popular in the energy, manufacturing, and industrial sectors, offering an intuitive learning management system that brings together trainers and trainees. Additionally, it provides in-depth training analytics to enhance learning and development.
Their new virtual reality content authoring tool, FLOW, is set to launch in late summer. This tool will enable creators and developers to build immersive VR training content efficiently, without needing to write code.
Company Growth and Global Reach
Founded in 2006 as a 3D-mapping specialist, Luminous XR ventured into virtual reality in 2016.
The company has expanded its workforce, adding ten new employees, and moved into a larger office in Newcastle.
Mercia first invested in Luminous XR in 2017, and successive funding rounds have raised a total of £3.55m to date.
CEO’s Vision
Ben Bennett, CEO of Luminous XR, stated, “Luminous is used by the biggest brands in the industrial and manufacturing sectors who have the highest training standards.”
Bennett emphasized that their XR platform offers a secure and scalable solution with many advanced features.
He also noted that the new funding would help grow their sales and marketing efforts globally.
Strategic Locations
Luminous XR operates from its headquarters in Newcastle and has an office in Bahrain.
Recently, the company established a presence in Texas, USA.
These strategic locations are poised to help the firm better serve its international clients.
Future Prospects
The new funds will be instrumental in helping Luminous XR deliver on its existing projects.
The company plans to target new overseas markets, with a significant focus on the US.
Luminous XR aims to continue its growth trajectory by leveraging its innovative technology and strategic investments.
Key Features of Luminous XR’s Platform
The company’s PORTAL learning management system is seen as essential for managing immersive training.
It provides an easy interface for accessing XR training scenarios and analytics.
FLOW, the upcoming VR content authoring tool, is designed to be user-friendly and efficient, eliminating the need for coding.
Client Base and Market Demand
Luminous XR has garnered interest from some of the biggest names in industrial and manufacturing sectors.
The firm’s solutions are sought after for their ability to meet high training standards.
As the global demand for XR training solutions grows, Luminous XR is well-positioned to capitalise on this trend.
Aiming for the US Market
The recent funding will support Luminous XR’s efforts to enter and grow in the US market.
The company’s innovative solutions are expected to meet the needs of American clients, especially in industrial sectors.
Luminous XR’s strategic expansion aims to establish the firm as a global leader in XR training solutions.
Support from Mercia Ventures
Mercia Ventures has been supporting Luminous XR since 2017, providing both financial backing and strategic advice.
The ongoing support has been crucial for the company’s growth and development.
With the latest £1 million investment, Mercia Ventures continues to play a key role in Luminous XR’s success.
Luminous XR’s ambitious move to secure £1 million in funding highlights its commitment to growth and innovation. The company is strategically positioned to leverage these funds to expand into the crucial US market.
With continued support from Mercia Ventures and a proven track record, Luminous XR is set to make significant strides in the XR training industry. The firm’s focus on immersive training solutions meets the growing global demand for advanced learning technologies. Their growth strategy and innovative product offerings make them a formidable force in the market.