Luminous XR Secures £1m Funding for Global Expansion
Luminous XR, a Newcastle, UK based extended reality (XR) software provider, recently secured an additional £1m in funding, bringing their total funds raised to £3.55m. This investment was made by the North East Venture Fund, which is supported by the European Regional Development Fund and managed by Mercia Ventures. The company, founded in 2006 by CEO Ben Bennett, intends to utilize the funds to expand its reach into overseas markets, with a particular focus on the US.
The latest funding round comes on the heels of Luminous XR's successful bid for a significant contract with a major oil provider in the Middle East.
Known for its innovative platform that allows developers to create metaverse-style training programs and simulate real-life scenarios, the company has made a name for itself within the energy, manufacturing, and industrial sectors. Their upcoming virtual reality content authoring tool, FLOW, is set to launch later this summer, promising to streamline the process of creating training content by eliminating the need for coding.
With a growing team of 30 employees, Luminous XR is expanding its global footprint beyond Newcastle. In addition to their headquarters in the UK, the company also maintains an office in Bahrain and has recently established a presence in Texas, USA. With their continued success and innovative offerings in the XR space, Luminous XR is poised for further growth and impact in the industry.
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