A Newcastle company that uses augmented reality software to deliver immersive training programs for industry has raised a further £1m from the North East Venture Fund, managed by Mercia Ventures, with support from the European Regional Development Fund.
The funding will enable Luminous Group to deploy its technology to a wider audience and create 10 new jobs over the next 12 months. This comes as the company plans to open a third office in the Middle East to support the growth of its customer base in the region.
Incorporating augmented reality, mixed reality, and virtual reality, the Luminous XR (Augmented Reality) platform allows users to quickly and efficiently create training programs and track student progress.
Described as “ideal for energy companies and manufacturers,” the system can safely and reproducibly reproduce real-world situations, including hazardous environments.
Luminous has already won major contracts from major energy companies in the Middle East and recently opened an international office in Bahrain. The company plans to open an office in Saudi Arabia later this year and launch a global marketing campaign.
The funding will also enable us to further enhance our platform and make it completely “self-service,” creating a new marketplace where businesses can create their own training programs and training providers can sell their own content. You will be able to start it up.
Luminous is led by CEO Ben Bennett and CTO Nigel Hope. Mercia Ventures first invested in him in 2017 to support the development of the platform. The latest round is the third to date and takes the total amount received by the company to over £1.9 million, including funding from NEVF and Mercia’s EIS Fund.
Ben Bennett commented: “Although the Metaverse is still in its early stages, VR and XR technologies have matured significantly, and the launch of Apple’s first mixed reality headset next year will drive increased awareness and global demand. The funding received from Mercia puts Luminous in a strong position to take advantage of it.”
Chris McCourt of Mercia Ventures added: “Current training techniques used in the industry are expensive and outdated. Immersive training in virtual environments can significantly improve performance, but to date creating such programs has been It was difficult.
“The Luminous XR platform will enable even broader adoption. This latest investment will allow us to expand our business and become the global leader in XR training.”
Written by Matthew Neville – Bdaily Senior Correspondent
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