Luminous XR, a Newcastle, UK based extended reality (XR) software provider, raised a further £1m in funding.
The North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia Ventures, made the investment. The latest funding brings the total raised to date to £3.55m.
The company intends to use the funds to target other overseas markets, in particular in the US.
The latest investment follows the company’s success in winning a seven-figure contract from a major Middle East oil provider.
Founded in 2006 and led by Ben Bennett, CEO, Luminous XR provides a platform that enables developers to create metaverse-style training programs and simulate real-life scenarios, for example for health and safety training. It is particularly popular with clients in the energy, manufacturing and industrial sectors. The company has also developed a virtual reality content authoring tool, FLOW, which will be launched in late summer and will make it easier and faster to create training content by removing the need to write code.
Luminous XR now employs 30 staff. In addition to its Newcastle headquarters, it also has an office in Bahrain and has recently established a presence in Texas, USA.
FinSMEs
30/07/2024