Engage XR sees revenues rise as it prepares for metaverse launch

Technology company Engage XR said revenue from its virtual reality platform rose 62 per cent in the first half of the year, as the company signed new clients and continued with its strategy for the metaverse.

The company offers virtual communications solutions through its proprietary software platform, Engage. It provides users with a platform for creating, sharing and delivering VR content for education, training and online events.

The Waterford-based company said trading was in line with expectations for the six months, with total revenue expected to reach €1.76 million, up from €1.25 million a year ago. Its Engage platform accounted for €1.46 million in revenue during the period, up for €900,000 in the first half of 2021. That means the virtual platform makes up 83 per cent of total revenue for the first half of the year, an 11 per cent increase.

Among the new clients signed up for the Engage platform are global logistics company Kuehne and Nagel International, Kia, and Natixis. South Korean company D’Carrick Co has also signed a new three-year deal worth €300,000.

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Engage expects to launch its metaverse offering for enterprises, dubbed Engage Link, in the fourth quarter of the year. HTC and The Virtual Human Interaction Lab at Stanford University have been confirmed as launch partners, and the group has expanded its US presence ahead of the launch, appointing Richard Allin as chief revenue officer and Kyle Horner as director of marketing.

“Engage has continued its impressive growth with more new customers embracing the technology and a continued increase in existing customers using the platform,” chief executive David Whelan said. “A growing number of blue-chip companies are adopting virtual reality for events, training, and engaging with stakeholders worldwide. This gives us confidence in the prospects of Engage Link, our new metaverse platform set to launch later this year. We are extremely excited about the interest being shown by major organisations in our new technology. The metaverse is set to change global business practices and Engage XR aims to be at the forefront of this revolution.”