Luminous Group, a leading provider in 3D technology, has secured a £250,000 investment from Mercia Fund Managers. This significant funding aims to revolutionise the company’s virtual reality software, RIVO.
This Newcastle-based firm has been at the forefront of digital innovation. They have utilised mixed reality holographic computer hardware in sectors such as architecture and construction. The investment marks a pivotal moment for their continued growth and innovation.
The Pioneering RIVO Software
The RIVO software combines 3D technology with the latest mixed reality holographic computer hardware to offer digital surveys. These surveys use laser scanning to capture every surface of a structure, recording precise measurements and identifying damage.
The software has the capability to produce detailed 3D models, which can significantly enhance fire safety surveys in real-time. For instance, it can draw up critical information about emergency evacuation points and fire routes, potentially saving lives.
Mercia’s Confidence and Strategic Investment
Ian Wilson, fund manager with Mercia Fund Managers in the North East, commented on the innovation, stating, “Luminous Group has been at the forefront of surveying and measurement since its inception and has pioneered new ways to scan and model buildings.“
He further elaborated that the new software could offer substantial cost savings for clients by enabling them to demonstrate large items of equipment remotely, recreate environments for training, and manage remote plants efficiently.
Strong Market Interest and Product Development
RIVO has already garnered substantial interest from various clients.
The recent funding will allow Luminous Group to enhance their product further and expand their management team. The aim is to better meet current demands and anticipate future market needs.
This strategic investment underscores the importance of continued innovation in 3D and VR technologies.
Luminous Group: A Legacy of Innovation
Founded by former mining surveyor Peter Bennett in 1988, Luminous Group has grown into a significant player in the field of digital technology. With offices in both Newcastle and London, the company continues to innovate under the leadership of Peter’s sons, Ben and Henry Bennett.
The company currently employs a team of 10 staff members who are integral to its operations and successes.
Key Applications and Future Prospects
The RIVO software’s diverse applications span across various industries. It holds particular promise in architecture, construction, and fire safety sectors, among others.
As technology advances, the potential for RIVO to transform these sectors becomes more evident. There is a growing need for accurate digital representations and real-time data, which this software aims to fulfill.
With this injection of capital, Luminous Group is poised to lead the way in virtual and mixed reality innovations.
Supporting Remote and On-Site Operations
The ability to demonstrate equipment remotely is a significant advantage for many businesses. It reduces the need for physical travel and can streamline operations.
Additionally, the ability of RIVO to recreate environments for training purposes offers an invaluable resource for various sectors, particularly those requiring high levels of safety and precision.
Conclusion and Forward-Looking Statements
This investment marks a milestone in the journey of Luminous Group. The £250,000 funding will undoubtedly catalyse further innovation and growth for the company.
The future looks promising for Luminous Group as they continue to enhance their revolutionary RIVO software, making strides in technology and setting new standards within the industry.
The significant investment from Mercia Fund Managers is set to propel Luminous Group’s RIVO software to new heights. The funding ensures ongoing development and the prospect of transforming various industries through advanced VR technologies.
As Luminous Group moves forward, their commitment to innovation and excellence remains steadfast. This investment will undoubtedly contribute to their mission of revolutionising digital technology.