Munich-based virtual reality and immersive media company Hologate has raised €8.3 million in a Series A funding round. The capital is aimed at expanding the company’s international presence, with a particular focus on Europe and North America.
The Series A round was co-led by new backers Bolero Holdings and Vester Partners with a number of existing backers including Cherry Ventures participating.
Beginning life as an entertainment venture in 2017 and building, according to the company, the world's largest location-based VR network, spanning 42 countries and over 450 locations, Hologate has delighted over 18 million players with interactive, immersive experiences featuring some top-shelf IPs including Ghostbusters and Angry Birds.
While the entertainment division alone is proving to be a success, by 2020, Hologate made the move to add enterprise training and simulations to its roster with what the company calls HGXR.
According to PwC’s research, VR technology in training and simulation have demonstrated that learners exhibit greater focus, accelerated skill acquisition, and heightened confidence when applying newly acquired skills to real-life scenarios post-training.
Where Hologate is heading with this, as demonstrated by the organisations that have adopted its tech, in particular, the German Army and various police forces, is in the training of high-risk scenarios and learning-by-doing experiences, all within the safety of a controlled environment.
“This investment will propel us towards ambitious goals in this era of spatial computing, play a vital role in our plans for strategic hiring, explore new markets, innovate with new products, and ultimately supercharge our growth,” commented Hologate CEO and founder Leif Petersen.
On the investment, Cherry Ventures’ founding partner Filip Fames explained, “When we first teamed up with Leif, Hologate was setting out - and succeeding - on an entertainment-focused vision for their XR. Now, with their ability to replicate everything from the visualisations to the interactions of real-life scenarios, Hologate is helping, to start, law enforcement professionals train in intense environments with fewer resources, less risk, and greater effect.”