VR Investment

XR Startup Lynx Appears to Enter Liquidation Proceedings Ahead of R2 Headset Launch

March 19, 2026 From roadtovr

The company behind Lynx has entered liquidation proceedings ahead of launch of its upcoming Lynx-R2 XR headset, which is targeted at both consumers and enterprise.

According to French court documents, SL Process, the company behind Lynx, has officially entered judicial liquidation following a ruling by the Economic Activities Court of Nanterre, France.

The legal notice was published on the Official Bulletin of Civil and Commercial Advertisements (BODACC), the country’s public bulletin wherein binding legal status changes are published.

Under French insolvency law, judicial liquidation essentially means restructuring efforts have failed and survival is no longer viable, as assets and IP are typically sold off to cover debts.

Lynx R2 | Image courtesy Lynx Mixed Reality

Road to VR initially reached out to Lynx when a similar posting was made last week, however has yet to receive comment. We’ll update when/if leadership responds to our request.

Notably, SL Process is what Lynx founder and CEO Stan Larroque calls in his personal blog a “shell company” which acts as a parent company to Lynx Mixed Reality.

While the exact reasoning behind the filing remains unclear, it may have something to do with Google reportedly pulling its support for Lynx-R2, which was initially supposed to launch running the Android XR operating system.

Lynx-R2 was slated to launch sometime later this year, featuring 126° horizontal FOV with unique aspheric pancake lenses, paired with a Snapdragon XR2 Gen 2 chipset, 16GB RAM, and full-color pass-through.

As noted by UploadVR in November though, Lynx revealed that Google “terminated Lynx’s agreement to use Android XR,” something the XR hardware maker called a “surprising turn of events” at the time.

If confirmed, the liquidation of SL Process could effectively mark the end of Lynx as an independent XR hardware maker, capping off one of the few European attempts to bring a standalone XR headsets to market—something Larroque characterized in 2024 as an “excruciating” fundraising environment.

Although the company managed to attract additional funding outside of R-1’s successful Kickstarter campaign from late 2021, which brought in $800,000 in crowd funds, Crunchbase data indicates the French startup only managed to attract $6.8 million in funding to date.

‘MultiBrush’ Studio Secures $4.5M Grant to Promote Positive VR Experiences for Elders

November 4, 2025 From roadtovr

Rendever, the company behind Tilt Brush-based multiplayer Quest app MultiBrush (2022), has secured nearly $4.5 million in grant funding from the U.S. National Institutes of Health (NIH), which the company says it will use to bring its elder-focused VR experiences to the home care market.

The studio says in an announcement the latest funding includes $3.8 million for the Thrive At Home Program and an additional grant to build a caregiver support network in VR.

“These funds will pave the way for Rendever to bring their technology to the large majority of individuals and caregivers who are aging in place and lacking in structural social support,” the studio says.

Rendever is currently partnered with the University of California in Santa Barbara, research organization RAND, and home care service Right at Home.

The company says these organization will help it conduct studies to evaluate the effectiveness of VR technology in building relationships across living environments. The aim is to reduce social isolation, improve mental health, and enhance overall well-being in elders. Additionally, Rendever maintains studies gauging the impact of caregiving tools, including its recent Dementia & Empathy training program, will continue as a result.

“Our Phase II trial has shown the power of VR to effectively build and enhance family relationships across distances – even across country lines. The future of aging depends on technology that effectively reshapes how we experience these core parts of the human experience as we get older,” said Kyle Rand, Rendever CEO. “We know there’s nothing more holistically impactful than our social health. Over the next three years, we’ll work across the industry to build the next generation of community infrastructure that delivers real happiness and forges new relationships, all while driving meaningful health outcomes.”

While Rendever currently offers VR-assisted therapy for both senior living and healthcare facilities, the company is currently assembling a beta pilot in certain geographic regions in the US to test its forthcoming in-home offering.

Additionally, the company announced it’s adding Sarah Thomas to its Board of Directors, an expert on aging and venture partner in the AgeTech industry.

Virtualware Seals €5M Deal to Support Virtual Vocational Training in Spain

September 15, 2025 From roadtovr

Virtualware, the Spain-based XR and 3D simulation software company, announced it’s secured a €5 million ($5.8 million) deal to broadly roll out its VIROO platform in vocational training facilities supported by Spain’s Ministry of Education.

The six-year contract allows Virtualware to bring its XR enterprise platform VIROO to 66 new ‘Centres of Excellence for Vocational Training’ (VET), the company says in a press statement, which are run by Spain’s Ministry of Education, Vocational Training and Sport (MEFPD).

The rollout to Spain’s VET Centres will join the more than 25 vocational training centers across the country already equipped with VIROO. In Spain, VET supports initial training of young people as well as the continuing up-skilling and re-skilling of adults across a variety of industries.

“We are opening a new chapter of growth and pedagogical innovation, allowing thousands of students to train with state-of-the-art immersive simulators developed and deployed through VIROO platform, raising their technical skills from day one,” says Virtualware founder and CEO Unai Extremo. “Our goal is to bring immersive technology to every vocational training classroom in Spain, through a sustainable model for content creation and deployment”

Founded in 2004 and then later acquired by Swedish company Simumatik in 2024, the in Bilbao, Spain-based company has recently focused on expanding its capabilities to support a number of key industries, including energy, automotive, transportation, defense, manufacturing, education, and healthcare.

Among Virtualware’s clients are GE Vernova, Petronas, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Kessler Foundation, Invest WindsorEssex, McMaster University, the University of El Salvador, Ohio University, the Spanish Ministry of Defense and the Basque Government.

Check out VIROO in action below, which was created to showcase the company’s work with the Spanish nation rail service, ADIF (Administrador de Infraestructuras Ferroviarias).

Mojo Vision Secures $75M Investment to Commercialize Micro-LED Displays for XR Glasses

September 9, 2025 From roadtovr

Mojo Vision announced it’s secured a $75 million Series B Prime investment round, which the company says will support the commercialization of its powerful and flexible micro-LED platform for XR glasses.

The round was led by Vanedge Capital, and included investments from current shareholders Edge Venture Capital, New Enterprise Associates (NEA), Fusion Fund, Knollwood Capital, Dolby Family Ventures, and Khosla Ventures, and new shareholders, including imec.xpand, Keymaker, Ohio Innovation Fund, and Hyperlink Ventures.

This brings the company’s overall funding to $345 million, according to Crunch Base data; Mojo Vision’s penultimate round came in late 2023, amounting to $43.5 million.

While previously geared towards producing smart contact lenses, Mojo Vision is now all about the underlying micro-LED technology that initially generated headlines back in 2022.

At the time, it was expected Mojo Vision would commercialize a contact lens with embedded micro-LED display, however in April 2023 the company announced it was pivoting.

Founded in 2015, Mojo Vision is now building a type of micro-LED technology that allows the mass-production of them onto silicon chips, combining advanced components like gallium nitride (GaN) on silicon emitters, quantum dots, and micro-lens arrays. According to Mojo Vision, this makes the displays very bright, very small, and energy-efficient.

“Through our micro-LED technology development, Mojo has made significant advancements in establishing breakthrough performance standards while laying the foundation for micro-LEDs as a platform for AI innovation in large market segments,” said Nikhil Balram, CEO of Mojo Vision. “This oversubscribed funding round and strong industry support mark a new phase in the design and production of our next-generation micro-LED platform. The company is on an accelerated path to commercialize micro-LED applications that can power AI.”

The company says it’s targeting the micro-LED platform to build displays for XR glasses, but also large format displays and optical interconnects for AI infrastructure.