Luminous XR, a tech firm dedicated to extended reality (XR) learning and development (L&D) solutions, has reached a new milestone after raising an additional £1 million in capital to expand to overseas markets.

In a bid to manage its operations and enter markets like the United States, Luminous XR received the cash injection from East Venture Fund, in partnership with the European Regional Development Fund.

Mercia Ventures is managing the series fundraiser, and with the latest financial assistance, Luminous XR has brought in around £3.55 million in total.

The news comes after a top oil and gas firm in the Middle East offered a contract worth millions to the spatial computing firm.

More on Luminous XR

The Newcastle, UK-based company was initially founded in 2006 and provided 3D mapping solutions to clients.

It later rebranded as an XR company and currently, offers developers and clients a Metaverse platform capable of training and simulating environments for enterprise users in energy, industrial, and manufacturing

Recently, it announced it would launch its FLOW virtual reality authoring tool for digital content to facilitate training workflows with no-code interfaces, democratising content creation technologies for all.

Chris McCourt, Investment Director, Mercia Ventures, said in a statement that Luminous XR’s platform allowed companies to “recreate real-life scenarios and offer more effective training at lower cost.”

He added,

“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.”

Additionally, Ben Bennett, Chief Executive, Luminous XR, noted that his firm was “used by the biggest brands in the industrial and manufacturing sectors who have the highest training standards.”

He concluded,

“Our XR platform is paving the way for the adoption of Extended Reality training, providing a scalable, secure solution with many advanced features. The current funding round will now allow us to grow our sales and marketing as we expand globally.”

Top Trends in XR Deployments

The recent announcement demonstrates trending activity in the virtual, augmented, mixed, and extended reality (VR/ AR/ MR/ XR) markets, where companies are seeking fresh applications for immersive technologies.

At a recent VRARA event, EndeavorXR’s Amy Peck and the VRARA’s Damon Shackelford explored the top trends affecting XR’s expansion into industry verticals.

At the time, Peck told audiences that immersive training was one of the most critical XR deployments to date as it offered high returns on investment (ROI) as well as feedback on the efficacy of such solutions.

Other companies like Siemens showcased at a massive two-day event in Manchester a roster of use cases for digital twins, XR, and smart systems capable of innovating infrastructure around the world.

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