£2m investment enables VR firm to expand rollout of immersive workspaces
VR tech firm expands plans for immersive workspaces with £2m investment
-Igloo Vision lands further £2m funding package
-VR firm using investment to bolster the rollout of its immersive meeting room product
-Forms plan to continue diversifying following the Covid-19 pandemic
A Shropshire tech firm, specializing in shared immersive spaces, has secured a new £2 million investment to support its global growth plans.
Igloo Vision’s technology and software enable any digital content, including immersive virtual reality or 360° content, to be displayed in a shared space.
In the past, the firm has operated by renting and selling its dome-like immersive ‘igloos’. Going forward, the emphasis is on converting existing meeting rooms into immersive workspaces, enabling digital imagery, documents, video and animations to be displayed seamlessly across all of the walls.
Following the Covid-19 pandemic, companies are looking for new collaboration spaces, which enable on-site teams to review data and documents from many different sources, and also to engage with colleagues based around the world. In the past few months, Igloo’s immersive workspace technology has been installed by companies such as Nike, Deloitte, Microsoft, FedEx, Diageo, and more. It has also been installed in more than 40 universities around the world, often to help deliver virtual lectures to remotely located students.
The £2 million funding round was led by a debt investment from Frontier Development Capital (FDC). This follows c. £1m of equity raised last year from Ingenious and others.
Dennis Wright, CEO at Igloo Vision, said:
“As an ambitious technology company, we have carved out a strong reputation and have already partnered with many of the world’s biggest brands, with many more projects on the way. In the wake of the Covid-19 pandemic, more and more organizations are investigating our technology to find out how it can help them work faster, make better decisions, and bring together teams from around the world.
“This new round of investment will enable us to continue rolling out our latest immersive meeting room product globally. We envision our immersive workspaces as the way for astute organizations to collaborate and our mission is to bring these spaces within the reach of any organization, anywhere.”
Igloo is headquartered in Craven Arms, Shropshire. The company also has centres in Los Angeles, New York, Melbourne, Toronto and Rotterdam, with offices planned for Dubai and Houston.
Frontier Development Capital is a national fund manager supporting SME businesses with debt funding investments of up to £7 million. FDC has invested in Igloo previously, providing c. £1 million to the technology company in other funding rounds.
Graham Mold, head of growth capital at Frontier Development Capital, said:
“Igloo Vision is leading the way in the development of shared immersive technology and software. FDC has supported Igloo throughout its growth journey, providing several rounds of funding and working with the company to realize its aims.
“Despite the disruption caused by Covid-19, Igloo Vision continues to innovate – boasting a strong order book and ambitious plans for 2021. This latest investment will support the firm as it continues to roll out its immersive workspaces and expands its presence in new sectors. FDC is committed to supporting regional businesses and we look forward to working with Igloo’s talented management team as the business continues to expand even further globally.”