Last Tuesday, ENGAGE XR (extended reality) developers of immersive education and collaboration platforms released its H1 financial report.
The report highlights the firm’s recent success and provides information regarding Link, its upcoming enterprise-grade Metaverse platform.
ENGAGE’s unaudited interim results record the company’s finances, where it reported a €4.9 million net cash flow for the first fiscal half of 2022 along with a 41 percent increase in total revenue year-on-year, reaching € 1.79 million from €1.25 million in 2021.
David Whelan, the CEO of ENGAGE XR, said that due to increased demand and a broader user base, the firm is scaling its sales, marketing, and support teams to support a new clientele.
“Overall, we are growing strongly, and revenue is now almost completely comprised exclusively from the ENGAGE platform. Quarterly revenues are regularly breaking previous records. With strong partnerships being formed both in the US and Asia, we see this trend continuing and even accelerating in the future”
The report comes after the company debuted ENGAGE XR version 2.3 in July. The latest version introduced essential updates, including an improved avatar creation suite, revamped internet browsers, and a new user interface.
The update also improves media sharing abilities for 3D video and graphics, as well as its unique spatial recording system, which replays all immersive elements of a collaboration session such as microphone inputs, 3D movements of each attendee, featured graphics, and videos.
In version 2.3, ENGAGE added an editing suite for its spatial recording system, enabling the session host to edit a recording’s 3D elements without leaving the service.
Throughout this year, ENGAGE is answering the modern demand for immersive virtual reality (VR) collaboration suites providing services to various enterprise customers such as Kuehne + Nagel International AG, Kia, and Natixis.
According to the report, ENGAGE secured 50 clients in 2022, adding that, since the service’s launch in May 2019, ENGAGE secured roughly 180 commercial customers.
Additionally, late last year, VictoryXR, ENGAGE, and Meta Platforms partnered to launch ten Metaversities by 2022.
The campaign creates digital twins of selected US universities using the ENGAGE platform, with assistance from Meta’s Immersive Learning division, which the Menlo Park-based firm launched in December last year.
Meta also funnelled an additional $150 million into its subdivision to boost VR learning and training opportunities.
Where is ENGAGE LINK?
Furthermore, in its H1 report, ENGAGE teased a release window for its long-awaited enterprise Metaverse service LINK. According to the report, LINK’s development phase is progressing well, and the company expects to launch the product by the end of 2022.
ENGAGE Link is an enterprise-focused Metaverse service that operates various “Metaworlds”, which clients can run as a persistent, always online business hub. The platform also contains Virtual Campus, Virtual Office, and Virtual Events as integrated sister solutions.
“We have focused on developing tools and services to work with enterprise customers and universities and how they engage with employees, customers and students in the Metaverse”
ENGAGE is providing HTC and The Virtual Human Interaction Lab at Stanford University exclusive access to Link’s beta version securing each firm as a launch partner.
The company also teases more launch partners, including a multi-national professional services firm, a global technology company, a leading publisher, and an education company.