Press release -
Gleechi closes 25 MSEK investment to accelerate and expand Virtual Reality training capabilities.
Gleechi, an award-winning Virtual Reality training platform provider, today announced an investment totalling 25M SEK from the European Innovation Council (EIC) Fund to accelerate and expand the Gleechi VR training platform and core technologies.
As one of the first companies to participate in the EIC Accelerator programme designed to drive economic growth by supporting highly innovative companies, Gleechi has been subject to a rigorous evaluation process. Gleechi has extensively proven the unique value of its long-standing investment in developing VirtualGrasp™ technology, used to deliver better training through Virtual Reality.
The Gleechi VR training platform leverages Gleechi VirtualGrasp™ technology to dramatically improve Virtual Reality by offering more natural hand interaction capabilities that facilitate learning-by-doing. Customers can provide remote workforces with advanced training to improve safety and business efficiency while reducing business disruption.
José Fernando FIGUEIREDO, an EIC Fund Investment Committee member, said, “Gleechi is a prime example of European innovation - using Virtual Reality technology to provide essential training to meet the needs of globally distributed remote workforces as well as in creating solutions for some of the major problems in the industry”.
Nicklas BERGMAN, also an EIC Fund Investment Committee member, added, “This strategic investment represents our continued confidence in Virtual Reality training as a vital business tool and in Gleechi to continue to deliver exciting innovations by leveraging their unique technology.”
The global pandemic has radically changed how businesses operate, accelerating the move to new remote technology solutions that deliver clear business benefits. Gleechi has experienced exponential growth in interest for its VR training offering, driven by the need to rapidly reskill workforces and provide flexible training to remote teams with measurable and proven results.
The investment will enable Gleechi to package and offer VR training platform capabilities to address customers’ growing needs as they increasingly depend on Virtual Reality technology. Through further development in platform components, Gleechi will deliver VR training as a scalable software-as-service that will make VR training widely accessible.
“The ongoing global pandemic has forced a re-think in how companies work and operate. Consequently, our long-standing belief that Virtual Reality training will be increasingly adopted as a vital business tool has been radically accelerated. VR training is now solidified as a readily deployable here-and-now solution that delivers immediate benefits.
We are exceptionally well-positioned to meet the demand for VR training by making our platform more accessible, complemented by unique VirtualGrasp technology that can support advanced training requirements.”
Jakob Way, CEO, Gleechi
Gleechi continues to expand rapidly and is actively recruiting in both technology and business functions to meet the increased demand for VR training.
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EIC Fund
Established in June 2020, the European Innovation Council Fund (EIC Fund) is a breakthrough initiative of the European Commission to make direct equity and quasi-equity investments (between €500.000 and €15 million) in European high impact and deep tech start-ups and scale ups. The EIC Fund provides patient capital and invests in companies from any sector, across all EU countries and countries associated to Horizon 2020.
The Fund pays particular attention to empower and support female founders as well as contributing to reduce the innovation divide among EU countries.
The EIC Fund aims to fill a critical financing gap and its main purpose is not to maximise financial investment returns, but to have a high impact by accompanying companies with and disruptive technologies in their growth. Its objective is to crowd in market players, further sharing risks by building a large network of capital providers and strategic partners suitable for co-investments and follow on funding.
Gleechi
The Gleechi Virtual Reality training platform uses VirtualGrasp™ technology to provide natural interaction within virtual environments. Natural interaction gives participants the freedom to learn-by-doing, safely developing and practising new skills with the confidence to apply them to real-world operations and procedures. Companies using the Gleechi VR training platform are able to radically reduce travel and training costs and minimise business disruption while improving safety and efficiency.
