Strivr announces USD $30 million in Series B financing and issuance of patent for measurement of VR training data

In Virtual Reality News

April 1, 20202 – Immersive Learning company, Strivr, has announced that it has raised USD $30 million in Series B financing, led by Georgian Partners. Franklin Templeton and Prologis Ventures joined the round as new investors, with participation from existing investors, including GreatPoint Ventures and Alumni Ventures Group.

With this new funding, Strivr states that it will look to further expand adoption of Immersive Learning to help companies elevate workforce engagement and performance.

The company noted that in today’s evolving macroeconomic climate, enterprises must ensure employees are fully engaged and well-prepared to do their jobs. The power of Immersive Learning to address this challenge at scale is being realized through deployments at leading companies including Walmart, Verizon, Fidelity, and FieldCore (a GE Company), according to Strivr.

“With more than 1.5 million training sessions conducted in VR and over 22,000 headsets deployed across our customer base, Strivr has developed the world’s only end-to-end software platform for the delivery of immersive solutions to elevate workforce learning and performance,” said Derek Belch, founder and CEO of Strivr.

He added, “We are thrilled to leverage this new round of investment led by Georgian Partners to more rapidly accelerate the adoption of Immersive Learning in the enterprise and take the next step in connecting immersive data to real-world performance improvement.”

As well as financing, Strivr has also announced the issuance of a patent by the U.S. Patent and Trademark Office (USPTO) covering the measurement of training data in Virtual Reality. With this patent, Strivr has developed an algorithm ​​to predict how performance in a virtual environment will map to performance in that same situation or task in real life.

This method automatically clusters learners into groups based on sensing data, which can include head, hand, and eye movements, as well as physiological data. With this approach, Strivr hopes that it is setting the path to develop benchmarks for learning and development in VR across a broad range of industries.

“With the rapid increase in large enterprises embracing Immersive Learning to improve performance, we are now able to connect employee learning with business outcomes using completely new types of data,” said Tyson Baber, Partner at Georgian Partners. “We believe in Strivr’s team, mission, and methodology, and are very excited to partner with them as they deliver the next generation of predictive, workforce analytics.”

Furthermore, as a result of the funding, Baber has also joined Strivr’s Board of Directors.

For more information about the fundraise, data patent, and Immersive Learning from Strivr, interested parties can join the company’s upcoming ‘Ask Me Anything’ livestream session with CEO Derek Belch on April 9 at 9am PT / 12pm ET.

Image credit: Strivr

About the author

Sam Sprigg

Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.