PIXO VR, a major supplier of extended reality (XR) solutions, announced on Thursday it had gained $6.5 million in funding to expand its operations globally.
Saudi Aramco Energy Ventures (SAEV), the oil and gas giant’s corporate venture capital wing, led the investment round, followed by Peter Karmanos Jr from Compuware Corporation, among others.
According to the Royal Oak, Michigan-based enterprise, its Apex solution offers a comprehensive solution to manage and deliver XR training content by integrating seamless training modules, at scale, across organisations and headsets.
The solution seamlessly integrates with an organisation’s Learning Management System (LMS) to monitor user metrics and evaluate pilot programmes for optimal return on investment (ROI), increasing the potential for full-scale deployment.
VR Training Statistics for Adoption, Efficacy and Real World Results – PIXO VR https://t.co/xUrJlVUy5s pic.twitter.com/tfZSnX8S9w
— PIXO (@PIXOVR) July 13, 2022
The world’s first-ever open system XR platform facilitates integration with other XR platforms, allowing companies greater future interoperability and upscaled training potential.
The news comes after the XR firm launched the virtual and augmented reality (VR/AR) workplace training platform, the PIXO Apex, to boost the availability of its cutting-edge software products.
Sean Hurwitz, PIXO Founder and Chief Executive, said,
“This injection of capital allows us to continue to improve our first-of-its-kind platform. We believe virtual reality provides more immersive, interactive, and meaningful experiences, and with PIXO, it has never been easier for organizations to leverage this technology to train employees”
He added his firm should seek “a significant competitive advantage” with PIXO Apex, which had been designed “around that need.
Explaining further, he said that larger firms would “never use a dozen different solutions” for numerous use cases, adding,
“When creating products with the end user in mind, it’s been clear to us that an all-in-one platform is what the market needs. It’s just what’s best for the customer”
Saudi Aramco used the VR training platform in 2020 via a two-year partnership, leading to SAEV leading the recent investments in the fundraiser.
Speaking on the partnership, Anupam Singh, Investment Director for SAEV, added his company had seen firsthand ” the various benefits immersive training experiences can provide organizations.”
He concluded, stating,
“We anticipate tremendous future growth in the XR industry, and PIXO is in a great position to capitalize on that with their unique all-in-one platform”
Saudi Invests in Next-Gen Immersive Tech
The news comes amid a major surge in Riyadh’s investment in extended reality (XR) technologies as it targets goals in its Vision 2030 plan.
The initiative outlines milestones in construction, artificial intelligence (AI), environmental sustainability, and many others launched under Prince Mohammad bin Salman government.
The Kingdom has been boosting its immersive reality footprint in global markets with its Creative Solutions boot camp to train rising talent with the help of experts across the United Kingdom.
The nation’s Ithra Center also debuted five projects from a cohort of selected finalists, many of who showcased creative projects in science, culture, history, and storytelling.
Saudi defence forces have also incorporated augmented reality (AR) trainers from US firm Red 6 to prepare for military combat, refuelling, and other such exercises.
Advanced Electronics, a subsidy of Saudi Arabia’s Military Industries group, and Red 6 formed the partnership to train BAE Hawk Mk 165 fighter aircraft.
Riyadh also hosted its Word Defence Show in February, where InVeris Training Solutions (IVTS) debuted its See-Rehearse-Collectively Experience (SRCE) AR platform, enabling trainees full freedom of movement, orientation, and BlueFire weapon compatibility, among many others.
