Strivr Raises $35m for Enterprise VR Training

Virtual reality (VR) training solutions provider Strivr announced on Tuesday a successful round of funding that secured the firm roughly $35 million.

The raised capital increases last month’s Series B funding round valued at $30 million from backer Georgian Partners, with additional participation from Franklin Templeton, Prologis Ventures, GreatPoint Ventures, and Alumni Ventures Group.

Enterprise-Grade Immersive Training

The Palo Alto-based firm will use the raised capital to enhance its enterprise-grade VR immersive training and learning platform. Additionally, it will offer new software development kit (SDK) options and grow its strategic client list to improve its immersive experience content library.

The CEO of Strivr, Derek Belch, said in a statement that the ongoing COVID-19 pandemic had “confined many workers to their homes” and forced companies to lay off or furlough their workforces.

Explaining further, he said,

“This served as the catalyst for people to re-evaluate their goals and careers, which combined with burnout, a desire for more pay, and a lack of advancement opportunities that resulted in a record number of workers quitting voluntarily. The needs of employees have changed, and companies must adapt”

Companies such as Walmart, Verizon, and the Bank of America use the Strivr solution to upskill employees. Walmart first partnered with Strivr in 2017 to train managers and executives.

Previously, Bank of America had become the first banking institution to employ immersive training solutions with an internally-developed platform.

Excellence in XR

In January, Strivr joined 150 other enterprises in the Global Silicon Valley (GSV) 2022 list of the most influential learning and training companies.

Additionally, Strivr entered the Accenture Ventures Project Spotlight programme, giving it access to Accenture’s resources and clients to upscale its immersive enterprise solutions.

The news comes after Accenture invested in Project Spotlight alumni Talespin to secure the latter with a Series C funding round, bringing the startup’s total valuation to $20 million.

Also, the firm joined the Workday Software Partner Program that integrates Strivr products onto the Workday cloud and connects immersive solution providers with businesses.

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