Investment

Collaborative Spatial Design App ‘ShapesXR’ Raises $8.6M, Expanding to Apple Vision Pro & Other Headsets

August 9, 2023 From roadtovr

ShapesXR is a collaborative spatial design app built to make it easy to prototype spatial interfaces, interactions, and environments. The company announced today it has raised an $8.6 million seed investment, part of which the company plans to use to expand to more headsets.

While so many VR interfaces and interactions borrow heavily (if not entirely) from existing ‘flat’ design paradigms, ShapesXR is built on the premise that in order to build spatial applications you need spatial design tools. With that in mind, the app functions like a freeform canvas that allows users to mock up designs inside of VR to understand how everything fits together at scale and in 3D. With collaborative functionality, multiple people can work on projects simultaneously.

Right now that collaboration is limited to those with a Quest headset, but as part of an $8.6 million seed investment, ShapesXR says it plans to expand the app to Apple Vision Pro, Pico, and Magic Leap headsets, opening the door to broader accessibility and cross-headset collaboration.

The seed investment was led by Supernode Global, with participation from Triptyq VC, Boost VC, Hartmann Capital, and Geek Ventures.

Inga Petryaevskaya, CEO and Founder of ShapesXR says, “VR has such huge potential to transform how we all collaborate on projects and design new products, however, one of the main barriers to entry is the level of technical skill required to get started. ShapesXR has been built to remove these hurdles—it’s as easy to learn as PowerPoint. This truly democratizes 3D content creation and enables anyone to become a VR, AR and mixed reality storyteller.”

Beyond just creating shapes and scenes, ShapesXR also has a ‘layers’ function which lets users create slideshows of spatial content. This works like a simple flip-book animation, except in a 3D environment instead of a flat doodle at the corner of your notebook. Using the layers function, designers can prototype and show how spatial content should interact with the user, which allows design work to be done before any of the interactions are actually programmed.

“ShapesXR’s goal is to become the de facto industry standard for [spatial] UI/UX design—achieving for spatial computing what Figma did for the mobile computing era,” the company said in its seed investment announcement.

Pimax Secures $30M Series C1 Funding to Expand & Support Rollout of Crystal & Portal VR Headsets

March 1, 2023 From roadtovr

Pimax, the China-based creator known for its wide field of view (FOV) VR headsets, announced it’s secured a $30 million series C1 financing round, something the company says will aid in the rollout of its new portfolio of VR devices.

The series C1 was led by Beijing-based investment firm Tuanmu Capital. This follows the company’s $20 million series B in 2020, bringing the company’s lifetime outside investment to over $69 million.

In a press statement, the company says the funds will be used to accelerate growth of its coming line of VR headsets, Pimax Crystal and Pimax Portal, enhance its position as both a consumer and enterprise-focused company, and increase investment in R&D.

Founded in 2015, Pimax is best known for its first Pimax “8K” headset Kickstarted in 2017, a consumer PC VR headset that included dual 4K panels providing an estimated 200-degree FOV, by far one of the largest in the industry at the time. Even today, many consumer headsets, such as Meta Quest 2 and HTC Vive XR Elite, feature FOVs around 110 degrees.

The company has since gone on to offer multiple iterations of its wide FOV headset, but also is set to launch both its VR standalone Pimax Crystal and hybrid Portal device, the latter of which can convert between a Nintendo Switch-style gaming handheld and a VR headset.

Both Pimax Crystal and Pimax Portal are expected to release at some point in “early 2023”, with Crystal available for pre-order on the company’s website and Portal still in the fulfillment stage from its successful 2022 Kickstarter, which garnered just over $350,000 from backers.

“Of course, we’re delighted with this new round of funding, as it allows us to boost our production capacity to meet the rapidly growing demand for our new VR products, as well as to improve both our hardware and software further,” said Pimax Founder Robin Weng. “We’ve been innovating VR technology and we will keep on doing that in the future, always pushing the limits of what is possible through technology.”

The Shanghai-based company now boasts over 300 employees in offices spread across offices in San Jose, Stockholm, Hong Kong, Shanghai, Hangzhou, Qingdao, and Chengdu.

VR Education Startup Raises $12.5M to Teach Math and More Using VR in Schools

February 2, 2023 From roadtovr

Prisms VR, an immersive platform for teaching math, announced it’s raised $12.5 million in a Series A round, which the company says will be used to expand its VR math literacy platform to more schools across the US.

Led by Andreessen Horowitz, the latest funding round brings Prisms VR’s lifetime funding to $19.1 million, according to CrunchBase.

Launched in 2021, Prisms focuses on teaching math in VR through problem-driven, tactile and visual learning. Essentially, it immerses students by confronting them with real-world problems—a far sight from the sort of drab word problems which typically involve far too many watermelons for comfort.

Prisms was founded by Anurupa Ganguly, who has taught math and physics across both Boston and New York City. The app’s development, Ganguly explains, was in response to the US education system, and how math instruction doesn’t appeal to real life situations.

“Technology has failed our students, especially where math is concerned. With new developments in immersive tech, we have the opportunity to make learning experiential and connected to students’ lives,” said Ganguly, founder and CEO at Prisms. “Prisms is the first learning solution that empowers students to experience real-life problems with their bodies versus reading about them divorced from personal experience. They are then able to build up to shorthand abstractions from intuitive visual and tactile experiences that lead to enduring retention and deeper understanding.”

The company says it’s using the funds to accelerate growth and adoption of its product and team in addition to expanding programs to more schools across the US. The company is also currently developing products aimed at higher education and other subjects as well.

The startup’s Meta Quest app is available to parents, tutors and teachers with a seven-day free trial, costing $24 for an annual subscription to its growing library of immersive lessons. For now, it includes around two dozen modules, teaching from middle school fractions all the way to advanced algebra.

To date, Prisms has already been adopted by 100+ school districts across 26 states, the company says, bringing its app to more than 80,000 students.

VR Training Company Gemba Secures $18M Series A to Expand Enterprise Metaverse

January 26, 2023 From roadtovr

Gemba, the corporate VR learning platform, announced it’s closed an $18 million Series A funding round, which the company says will be used to continue expansion into Europe, the Middle East, Africa, and North America.

The latest funding round was led by Parkway Venture Capital, now valuing the UK-based company at $60 million.

In 2017, Gemba grew out of executive training company The Leadership Network, which was founded in 2013 by CEO Nathan Robinson and Chairman Victor Lewis. At the time, The Leadership Network was focused on cross-industry leadership training which, through its executive masterclasses, let senior execs from non-competing companies go hands-on at the state-of-the-art facilities of global giants like Toyota, Tesla, Google, BMW and Amazon.

Now the company is all-in with VR training platform Gemba, which also still holds masterclasses, albeit in virtual reality. The platform also focuses on immersive skill transfer, including things like on-the-job VR skill training, simulated factory walks, and live training events in VR.

Gemba has since worked with 4,000 executives from more than 675 companies, including Philips, Pfizer, Nike and Dell.

Its most recent success story involves Aptiv, a leading automotive supplier. Gemba says its VR training enabled Aptiv to increase skill transfer efficiency by 80% when compared to real-world training programs. In the first year of working with Aptiv, the company also saved $2 million on travel expenses alone.

“As an educator, we know that 90% of learning is about engagement,” says Frankie Cavanagh, Gemba’s Chief Technology Officer. “Gemba allows users to learn and train in a whole new way. With higher engagement levels than traditional teaching and the combination of unprecedented levels of realism and a customized learning experience, it’s a revolutionary teaching tool.”

Gemba says its Series A will accelerate the development of the platform, enabling people and companies to access Gemba on a subscription basis. It’s also set to expand its offering of immersive training simulations, tools and learning experiences, all of which are accessible via online app stores.

Saudi Arabia Gains Majority Stake in Magic Leap in $450M Deal

January 3, 2023 From roadtovr

Saudi Arabia has taken majority share of the US-based augmented reality company Magic Leap, The Telegraph reports, widening the stake via its state-owned sovereign wealth fund with a deal amounting to $450 million.

Citing delayed accounts obtained from its European division, the company is said to have raised $150 million in preferred convertible stock and $300 million in debt from Saudi Arabia’s Public Investment Fund (PIF) over the course of 2022. The investment puts the country’s ownership of Magic Leap over 50 percent, giving it overall majority control.

The Telegraph reports that, as of November 2022, Saudi Arabia’s PIF is “entitled to appoint four of the eight directors of the board of directors of Magic Leap.”

The wealth fund, which is controlled by Crown Prince Mohammed bin Salman, invests in projects considered to be strategically significant to diversifying its national economy.

Through PIF, Saudi Arabia owns minority stakes in Uber, Capcom, Nexon, Live Nation, Boeing, Meta, Alphabet, Citigroup, Disney, and Bank of America to name a few. It also owns Premier League football team Newcastle United and LIV Golf, a challenger to the PGA Tour.

Founded in 2010 by Rony Abovitz, the Plantation, Florida-based company kicked off its consumer ambitions with a long and ambitious tease of its first AR headset, Magic Leap 1 (previously styled ‘One’), starting its marketing campaign as it emerged from stealth in 2014.

Released nearly four years later, the developer-focused ‘Creator Edition’ headset was initially priced at an eye-watering $2,300, which not only deflated some of the potent hype behind the unicorn startup, but also cemented a long and bumpy road ahead if Magic Leap wanted to eventually offer its tech at a consumer price point.

Having awkwardly straddled the prosumer segment with limited success, in mid-2020 Abovitz announced he would be stepping down as CEO, signaling a pivot that would refocus the company’s efforts on servicing enterprise instead of consumers. Shortly afterward, Microsoft’s Executive VP of Business Development Peggy Johnson took the reins as CEO of Magic Leap.

The company has since released its follow-up headset, Magic Leap 2, to enterprise partners and through third-party vendors, putting the device in direct competition with Microsoft’s HoloLens 2.

To date, Magic Leap has raised $4 billion, with minority investors including Google, Alibaba, Qualcomm, AT&T, and Axel Springer.