Luminous XR secures £1m seed follow-on investment from Mercia Ventures and the North East Venture Fund to target US markets.
The extended reality software provider raised £1m to support a major Middle East contract and expand its presence in the US.
Luminous XR is a Newcastle-based software business providing extended reality training platforms and virtual reality content authoring tools for industrial and energy sectors.
Luminous XR has secured £1m in a seed follow-on investment led by Mercia Ventures alongside the North East Venture Fund. The Newcastle-based extended reality software pioneer will use the capital to support a significant Middle East contract and drive expansion into overseas markets, with a particular focus on the United States.
Founded as a 3D mapping specialist before moving into virtual reality, the company provides platforms for creating metaverse-style training programmes. The fresh funding follows the upcoming summer launch of its code-free virtual reality content authoring tool, FLOW, as the firm builds on its existing international presence in Bahrain and Texas.
Investor perspective
"Luminous XR’s system enables companies to recreate real-life scenarios and offer more effective training at lower cost. With the use of virtual reality growing worldwide, companies are waking up to its potential. The latest funding will enable Ben and the team to capitalise on this trend and continue their growth by targeting the US and other global markets."
Chris McCourt
Mercia
Use of funds
- 01Invest in sales and marketing
- 02Expand into international markets
Investors
Categories
About the company
Luminous XR
Extended reality software platform enabling immersive training simulations for industrial sectors.