Thursday, December 13, 2018
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STRIVR Raises $16 Million in Funding to Expand Enterprise Virtual Reality Training

STRIVR has secured $16 million in funding to expand its virtual reality training platform to serve top corporate needs.

STRIVR, the virtual reality training platform used mainly by clients in the world of professional sports (NBA, NFL, NHL) to develop immersive training programs, has successfully raised $16 million. The leading investor is GreatPoint Ventures, whose Managing Partner, Ray Lane, will join STRIVR’s Board of Directors.

 

A Stronger Focus for Corporate Virtual Reality Training

Immersive training is not only useful to professional athletes. Fortune 500 companies and the corporate sector in general are more and more interested in developing virtual reality training programs for their employees.

As previously reported, Walmart has already concluded an agreement with STRIVR to develop a VR training program for the US retailer, which will be deployed using over 17,000 Oculus Go VR headsets.

Virtual reality training helps employees retain information easier and become more productive. Also, as Tyson Foods discovered, using VR training also helps decrease work related injuries and illnesses. “Better training results in better prepared employees and better prepared employees make fewer mistakes and are more productive”, explained Danny Belch, VP Marketing at STRIVR.

See Also:  VR Technology for Athletes at Any Level

 

Industry Trends Point towards Increased Immersive Work Relations

STRIVR’s decision to focus on developing corporate grade virtual reality training programs is also supported by the future trends for this sector of activity. A specialized Gartner report titled “Predicts 2018: Immersive Technology and Devices Will Transform Personal and Business Interactions” states that “by 2021, 25% of large businesses in mature markets will pilot and deploy mixed reality (MR) solutions, from 1% today.”

Apart from Walmart and Tyson Foods, STRIVR has already started working with several other enterprise customers, such as JetBlue and United Rentals. Their specific needs for immersive employee training programs prompted the virtual reality training platform to seek financing in order to expand its operations.

 

STRIVR and GreatPoint Venture: Together for Advanced Virtual Reality Training Experiences

Speaking about the decision to invest in STRIVR, Ray Lane, Managing Partner at GreatPoint Venture, said:

“In a world rapidly shifting to asset performance and predictive analytics, human capital has been largely ignored with outdated training and development tools. STRIVR offers companies like Walmart real-world, immersive experiences utilizing VR to place employees into their actual work environments to be trained, affecting their ability to drive both workforce development and retention.”

California-based STRIVR has recently opened offices in New York, Seattle and Nashville, TN. The decision is motivated by the need to be closer to potential clients, in cities where new technologies are thriving and in great demand by clients across various industries.

Derek Belch, the CEO of STRIVR, pointed out that “This is a critical time at STRIVR and we are beyond-excited about GreatPoint Ventures’ investment. Ray and his team bring a wealth of knowledge and experience to help us effectively operate at scale as we expand in the enterprise space – and we’re humbled by the belief in our team and our winning approach to helping customers take learning and training to new heights.”

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