Luminous Group raises £1m from the North East Venture Fund to scale its extended reality training platform
The funding was provided by the North East Venture Fund and managed by Mercia Ventures to support international expansion and product development.
Newcastle-based Luminous Group develops extended reality software to provide immersive industrial training programmes. Its technology allows energy companies and manufacturers to simulate hazardous workplace environments safely.
Newcastle-based Luminous Group has secured £1m in funding from the North East Venture Fund, managed by Mercia Ventures, to expand its operations and technology reach. The investment marks the third backing from Mercia, lifting the company's total funding past £1.9m.
The fresh capital will be directed towards scaling its extended reality platform, creating 10 new jobs, and supporting an international expansion that includes a new office in the Middle East. Luminous aims to enhance its software with self-service capabilities and launch a marketplace for external training providers.
The extended reality platform allows industrial users to build safe simulations of hazardous environments for training purposes. The company recently secured a contract with a Middle East energy provider and opened an office in Bahrain, with plans for further regional presence in Saudi Arabia.
From the founder
"While it is still early days for the ‘metaverse’, VR and XR technologies have matured significantly and the launch of Apple’s first mixed-reality headset next year is expected to boost awareness and drive global demand. The funding received from Mercia puts Luminous in a strong position to capitalise on that."
Ben Bennett
CEO at Luminous Group
Investor perspective
"Current training techniques used in industry are expensive and outdated. Immersive training in a virtual environment could significantly improve performance but creating such programmes has been challenging until now. The Luminous XR platform is enabling much wider adoption. This latest investment will enable the company to scale its business and become a global leader in XR training."
Chris McCourt
Mercia Ventures
Use of funds
- 01Grow the team
- 02Expand into international markets
- 03Continue product development
Investors
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About the company
Luminous Group
Luminous Group provides immersive extended reality training software for industry.