Academy Xi, the VR educational technology startup, has accumulated Series B funding amounting to $3 million, as the brand prepares to penetrate the Asia-Pacific market.
Launched by Charbel Zeaiter and Ben Wong in 2016, Academy Xi is a service provider of professional courses for individuals business organisations looking to enhance their AR and VR skill sets.
The company received a $2.25 million Series A funding during last year’s June. According to StartupSmart, the brand has experienced a 250 percent growth year by year, which Wong describes as being favourable.
Academy Xi has around 3,400 students across corporate, part-time and full-time courses. In addition, it has also provided free or highly affordable programs to about 30,000 people.
Alium Capital, Giant Leap Funding, and Pangaea Impact Investments were the prominent investors during the Series B funding round. Many Singaporean investors also made their contributions.
Popular entrepreneur Anthony Böhm, also a Pangaea Impact Investments founding partner, has been appointed as the board chairman upon joining the startup.
Wong states that Academy Xi has reached a position of significant reliability, acknowledging a robust brand community and several distinguished clients. He expresses that the startup’s current standing is the reason it can now focus on expanding to Asia.
Going into Asia Pacific
The Series B funding received by the company will be used for purposes like online programs development, brand growth and marketing, and facilitating corporate associations, with an objective towards helping to enhance their skills.
The expansion move will start with Singapore, according to Wong, who believes that the location is a crucial APAC hub. He reveals that the company plans to expand throughout the Asia Pacific region. Wong believes that the demand for enhanced technological skills will only rise, with an increasing number of organisations seeking to upgrade the skill sets of their employees.
While several Australian startups intend to go into the US market, Academy Xi decided to opt for an Asian expansion. The main motivation was the substantial demand for the startup’s training services. Wong wants his company to fill the void that exists in the domain of professional tech-based training.
Wong is aware that the needs of Asia Pacific businesses are set to rise, and when they eventually will, his company will be there to fulfil training requirements. Hence, Academy Xi is building associations with many promising emerging brands.
Focus on quality of services
Wong expresses that he learnt valuable lessons from the Series A investment round, which were implemented in Series B. The latest drive was to identify and engage investment partners who are passionate regarding the startup upcoming ventures.
He reiterated the importance of suitable investors from a perspective of support, stating that relationships with investors amount to more than just monetary matters.
Zeaiter and Wong focused on bringing aboard the right investors in an efficient and foolproof manner, unlike their first investment round which accumulated parties who were not aligned with the brand’s vision.
