Luminous XR, a leading UK-based startup working in extended reality (XR) software, has secured an additional £1M investment from the North East Venture Fund (NEVF), backed by the European Regional Development Fund and managed by Mercia Ventures. This latest funding round aims to bolster the company’s expansion into the US market and support its recent major contract win in the Middle East.
Expanding horizons with new funding
The Newcastle-based company specialises in developing metaverse-style training programmes that simulate real-life scenarios, particularly for health and safety training in the energy, manufacturing, and industrial sectors. The new investment follows a significant contract with a major Middle Eastern oil provider and brings Luminous XR’s total funding to date to £3.55M.
Innovative tools and global reach
Luminous XR is set to launch its latest innovation, FLOW, a virtual reality content authoring tool, in late summer. FLOW is designed to streamline the creation of training content by eliminating the need for coding, thereby making the process faster and more accessible.
Founded in 2006 as a 3D mapping specialist, Luminous XR ventured into virtual reality in 2016. With successive funding rounds from Mercia Ventures since 2017, the company has continually developed its products and expanded its business. Today, Luminous XR employs thirty staff and operates from its headquarters in Newcastle, with additional offices in Bahrain and Texas, USA.
Leadership perspectives
Ben Bennett, CEO of Luminous XR, commented on the company’s growth and future plans, “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.”
Looking ahead
With this new injection of capital, Luminous XR is well-positioned to enhance its presence in the US market and further its mission to revolutionise training through extended reality.
Chris McCourt of Mercia Ventures also highlighted the potential of Luminous XR’s technology, “Luminous XR’s system enables companies to recreate real-life scenarios and offer more effective training at lower cost. 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.”
