Luminous gains £1 million in a recent funding round to boost visibility of its solution to new markets and build a metaverse service
Following a successful funding round last year, UK XR training leaders Luminous received roughly £1 million from the North East Venture Fund. The funding comes as the firm looks to build an enterprise Metaverse platform for health and safety upskilling.
Thanks to the European Regional Development Fund’s award, with assistance from Mercia Ventures, Luminous can pursue its Metaverse ambitions and explore XR usage in the region and beyond. Moreover, with the funding, Luminous can expand its global reach and marketing potential to new customers, bringing its valuation to roughly £3.55 million.
Ben Bennett, CEO of Luminous, explained:
Luminous is used by the biggest brands in the industrial and manufacturing sectors who have the highest training standards. Our XR platform is paving the way for the adoption of Extended Reality training, providing a scalable, secure solution with many advanced features. The current funding round will now allow us to grow our sales and marketing as we expand globally.
Notably, Luminous is experienced in providing solutions to the oil and gas sector, with the most recent funding also expanding the firm’s reach into new sectors. Chris McCourt of Mercia Ventures noted that Luminous’ systems “enables companies to recreate real-life scenarios and offer more effective training at lower cost.”
McCourt added:
With the use of virtual reality growing worldwide, companies are waking up to its potential. The latest funding will enable Ben and the team to capitalise on this trend and continue their growth by targeting the US and other global markets.
Luminous Ports VR Training on Meta Quest 3
The news comes after Luminous ported its service to Meta Quest 3 headsets in late 2023 during a £1 million fundraising round from Mercia Asset Management.
In 2023, Luminous received funding and upgraded its XR Platform to include passthrough capabilities for the Meta Quest 3. The company showcased these new capabilities in a YouTube video, demonstrating their potential for MR training and worker upskilling.
Luminous’s platform includes an Orientation tool, which helps users become comfortable controlling their avatars in the immersive space. It also guides interacting with others, completing training modules, and achieving specific learning goals.
The platform also features 1-1 mentoring, allowing sequential learning of training modules with visual and audible instructions. Students can apply their training by recalling instructions from their modules, with the LMS flagging errors in their performance.
Furthermore, the company uses 3D scanning technologies to integrate and procure digital twins seamlessly. These digital twins are crucial for developing industrial metaverse solutions, allowing companies to monitor, analyze, and populate their virtual industrial XR spaces.
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