VR Education Portal ENGAGE Raises $10.7 Million for its Oasis Metaverse for Business
The firm that is behind the social VR platform ENGAGE, VR Education Holdings, announced last week that it had raised $10.7 million, financing that will go into expanding the platform beyond the immersive education and training realms into a new metaverse known as ENGAGE Oasis. This is billed as an upcoming social VR platform targeting the enterprise market and which offers a “fully-featured corporate metaverse.”
The Silicon Republic and Forbes reported that the Ireland-based company secured the latest funding from various investors through a share placing, including Octopus Investment LTD UK. The new shares that the deal generated reportedly represent 20% of the company’s issued ordinary share capital before the placing. VR Education Holdings is listed in the London Stock Exchange and the Dublin Stock Exchange.
In May 2020, the company also secured a $3.3 million funding from HTC for the expansion of Engage, its platform where educators and enterprise customers can create bespoke virtual reality experiences for small and large format events in various devices including Oculus Quest, SteamVR headsets, Pico headsets, and Vive Focus Plus. Just two months before this deal went through, Engage hosted HTC’s Virtual Vive Ecosystem Conference in response to the pandemic’s impact on in-person events.
Oasis is an ambitious metaverse project and aims to launch in the first half of 2022. It has been inspired by the eponymous metaverse in the novel and film Ready Player One and has been the de facto virtual reality platform where users can meet, play, and transact some business. Oasis has been described as a platform that is an “always-on, fully persistent virtual world” in which ENGAGE clients can meet and sell their products and services directly to one another. The platform targets business professionals, young professionals, corporations as well as college students.
The platform enables employees from some of the largest corporations to connect with one another so as generate new business ideas and provide value to their respective organizations. In a press statement, the company said that ENGAGE Oasis aims to create an opportunity for corporate users to expand their customer base while also providing immersive services at “a reasonable price.”
According to the studio, avatars and virtual locations are to be “tailored for professional users” and there will be no limits on the storefronts and meeting places they wish to build. Here, the company is envisioning the platform as a new marketplace for corporations as well as digital artists to sell their digital items while also providing services through non-fungible tokens (NFTs), cryptocurrencies, and fiat currencies.