New Funding to Boost Expansion
Luminous XR, a Newcastle-based business specializing in 3D digital technology, has successfully secured an additional £1m in funding. This new round of investment brings their total funding to over £1.9m, positioning the company for significant growth and job creation. The new funds will primarily be used to roll out their advanced VR training platform to a wider audience.
Creating Jobs and New Opportunities
With the new funding, Luminous plans to create 10 new jobs in the coming year. The company is also set to open a third office in the Middle East, adding to their existing locations in the North East and London.
Related: Newcastle’s Luminous XR to Expand Workforce Amid Major Contract Win and Office Relocation
Innovative Training Solutions
The Luminous XR platform offers immersive training programmes through virtual, augmented, and mixed reality. This technology allows companies to create realistic training environments, enhancing safety and efficiency. According to CEO Ben Bennett:
“While it is still early days for the ‘metaverse’, VR and XR technologies have matured significantly and the launch of Apple’s first mixed-reality headset next year is expected to boost awareness and drive demand. The funding received from Mercia puts Luminous in a strong position to capitalise on that.”
The Luminous XR platform has already been adopted by international clients, including staff at a Mexican car factory and a major energy company in the Middle East. The platform enables users to create training programmes quickly and efficiently and track students’ progress, making it ideal for industries such as energy and manufacturing.
We're incredibly proud to be named a finalist alongside Pfizer and Qualcomm in the #XRAwards24 for the Best Manufacturing, Industrial and Construction solution for our work in XR training🥳 https://t.co/vLCwZE3CXF
— LUMINOUS (@Luminous_XR) May 9, 2024
Global Expansion Plans
The company is set to open an office in Saudi Arabia later this year and launch a global marketing campaign. The additional funding will also enhance their platform, making it self-service and enabling companies to develop their own training programmes. Additionally, Luminous plans to launch a new marketplace where training providers can sell their own content.
CTO Nigel Hope emphasized the potential of their platform:
“Immersive training in a virtual environment could significantly improve performance, but creating such programmes has been challenging until now. The Luminous XR platform is enabling much wider adoption. This latest investment will enable the company to scale its business and become a global leader in XR training.”
Leadership and Vision
Luminous XR is led by CEO Ben Bennett and CTO Nigel Hope. Mercia Ventures has supported the company since 2017, helping it develop and refine its VR training platform. Chris McCourt of Mercia Ventures noted:
“Current training techniques used in industry are expensive and outdated. Immersive training in a virtual environment could significantly improve performance, but creating such programmes has been challenging until now. The Luminous XR platform is enabling much wider adoption. This latest investment will enable the company to scale its business and become a global leader in XR training.”
Industry Impact
The Luminous XR platform addresses the inefficiencies of traditional training methods, providing a modern, immersive solution that improves performance and safety. The company’s innovative approach to training technology has positioned them as a leader in the industry, with a growing client base and a strong vision for the future.
Can VR and XR Technologies Improve Traditional Training Methods?
Luminous XR’s significant strides in VR training technology demonstrate the potential for immersive training programmes to transform traditional methods. As the company continues to grow and innovate, the industry watches closely. What are your thoughts on the impact of VR and XR in training? Share your insights in the comments below!
