VR firm secures £250k funding
Newcastle virtual reality specialist, Luminous, has secured a £250k investment from Mercia Fund Managers.
The cash will be used to develop its VR software, which is used across architecture and construction.
The RIVO solution combines 3D with mixed reality holographic computer hardware and the company hopes it will revolutionise the offshore energy and military sectors.
“Luminous Group has been at the forefront of surveying and measurement since its inception and has pioneered new ways to scan and model buildings,” explained Ian Wilson, fund manager with Mercia Fund Managers in the North East.
“Its new software is another step forward and could offer huge cost savings for clients, for example by allowing them to demonstrate large items of equipment remotely, recreate environments for training purposes and manage remote plant and equipment in a more efficient way. RIVO has already attracted strong interest from clients and this funding will allow the company to further enhance the product and build its management team.”