It’s been a very successful week for virtual reality (VR) companies raising funds with the likes of Fast Travel Games and MyDearest both completing multimillion rounds. Adding to that list is Virti, a specialist in providing training solutions to organisations which has just secured $10 million USD in a Series A funding round.
Led by IQ Capital, the $10m round also saw the participation of Cedars-Sinai Medical Center and a new, UK-based learning technology VC fund. Thanks to the funding raise Virti will be able to continue its international growth whilst researching and developing new technologies to improve its training platform. That growth has seen Virti’s revenues grow 978% in the past year as well as doubling the company’s workforce.
Virti’s technology helps organisations train staff on various skills such as communication, teamwork and decision-making under pressure using interactive simulations and AI-powered data analysis. Companies can even build their own bespoke training modules using its cloud-based, no-code simulation creation suite. These modules are able to analyse user performance using computer-vision AI and Natural Language Processing (NLP), providing useable analytics to further improve performance. For example, in 2020 the NHS used Virti to help train employees at scale on COVID-19 procedures.
“At Virti, our goal is to maximise human performance by making experiential learning affordable and accessible for everyone,” said Dr Alexander Young, CEO and founder of Virti in a statement. “In-person training has always been expensive with e-learning often unengaging – and research shows that employees forget upwards of 80% of episodic training. Virti exists to help organisations get the very best out of their people, by improving how teams train, learn and perform using scalable deep learning technology with a focus on soft-skills.”
“On-the-job training can be serendipitous, with the learning experience varying significantly depending on where you are, what day it is and who is training you. Soft skills also tend to be subjectively assessed in most settings. We’re providing the tools to help organisations create and distribute evidence-based training, which can be standardised and scaled across organisations and geographies,” Young continues. “The data insights our platform generates reduce training variability and generate objective feedback that can aid real-world improvement – with the ultimate goal of improving human performance around the globe.”
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