XR Training Company Luminous Achieves a 3 million Valuation for Metaverse
Luminous raises £1 million in a fresh investment round to develop a metaverse service and increase awareness of its solution in new markets.
Leaders in UK XR training, Luminous, got over £1 million from the North East Venture Fund after a successful investment round last year. The financing is being provided while the company works to develop a corporate Metaverse platform for upskilling in health and safety.
With support from Mercia Ventures and a grant from the European Regional Development Fund, Luminous is able to pursue its goals for the Metaverse and investigate the use of XR in the area and beyond. Furthermore, Luminous’s value will increase to around £3.55 million as a result of the fundraising, which will enable it to sell to new clients and broaden its worldwide reach.
The largest brands in the industrial and manufacturing sectors, who have the highest training requirements, employ Luminous, according to Ben Bennett, CEO of Luminous. The XR platform, which offers a scalable, secure solution with several cutting-edge capabilities, is opening the door for the use of Extended Reality training. The company will now be able to increase its marketing and sales as they develop internationally thanks to the current fundraising round.
Luminous, known for its expertise in providing solutions to the oil and gas industry, recently expanded into new markets thanks to a significant investment. According to Chris McCourt of Mercia Ventures, Luminous’ technologies enable companies to recreate real-life scenarios and offer more effective training at a lower cost.
McCourt noted that companies are increasingly recognizing the potential of virtual reality as its use continues to grow globally. Ben and the team will be able to build on this trend and keep growing by focussing on the US and other international markets thanks to the most recent investment.
The announcement follows the company’s late 2023 service porting to Meta Quest 3 headsets, which was made possible by a £1 million investment round led by Mercia Asset Management.
After receiving financing in 2023, Luminous improved the XR Platform and included Meta Quest 3 passthrough features. In a YouTube video, the business demonstrated the potential of these new capabilities for MR training and employee upskilling.
An Orientation tool on Luminous’s platform assists users in getting used to manipulating their avatars in the immersive environment. It also provides guidance on how to communicate with people, finish training courses, and meet certain learning objectives.
Additionally, the platform offers one-on-one mentorship, which enables training modules with spoken and visual instructions to be learnt in order. By remembering instructions from their courses, students may put their lessons into practice, and the LMS will highlight any mistakes they make.
Moreover, the business effortlessly integrates and obtains digital twins via the use of 3D scanning technology. The development of industrial metaverse solutions depends on these digital twins, which enable businesses to monitor, assess, and fill their virtual industrial XR environments.
