HOLOGATE, a market leader in extended reality (XR) solutions for entertainment and enterprise, has secured €8.3 million to significantly boost its international market expansion, namely in Europe and North America, plus new product development. The Series A is co-led by new investors Bolero Holdings and Vester Partners, with participation from existing investors, including European early-stage venture capital firm Cherry Ventures.
The funding will fuel growth across all divisions encompassing entertainment and enterprise solutions. HOLOGATE aims to bring their cutting-edge HGXR training and simulation solutions to the global market, with a focus on Europe and North America. The funding will also support the development of new products and the realization of ambitious hiring plans, further strengthening the company’s capabilities and expertise. Lastly, HOLOGATE plans to further leverage AI to enable realistic and authentic interaction with virtual humans, unlocking new opportunities and driving innovation.
Leif Petersen, CEO and Founder of HOLOGATE, said: “This investment is a huge milestone for our company, made possible through the support of our new investors, Bolero Holdings and Vester Partners, as well as our existing investors, Cherry Ventures. Securing this financing is a testament to the strength of our vision and the incredible value our partners see in HOLOGATE. This investment will propel us towards ambitious goals in this era of spatial computing, play a vital role in our plans for strategic hiring, explore new markets, innovate with new products and ultimately supercharge our growth. My thanks go out to our investors and also to the extraordinary and dedicated HOLOGATE team that made this possible.”
With a vision to make extended reality accessible for everyone, Leif Petersen founded Munich-based HOLOGATE in 2013. The company pioneers turnkey extended reality (XR) solutions for entertainment and enterprise and has an impressive track record as the world’s largest location-based VR network, spanning 42 countries and over 450 locations. Since the start of the company, HOLOGATE has captivated over 18 million players with an array of interactive — and immersive — entertainment products and blockbuster IPs such as Ghostbusters and Angry Birds.
In 2020, HOLOGATE introduced HGXR, a new division focused on enterprise training and simulation solutions. HOLOGATE saw an opportunity to leverage their unparalleled expertise in both the technical and design developments of XR and expand their product portfolio into the enterprise sector. Studies show the transformative potential of VR technology in training and simulation. VR learners exhibit greater focus, accelerated skill acquisition, and heightened confidence when applying newly acquired skills to real-life scenarios post-training.
The company quickly gained the trust of prominent organizations like the German Army, police forces, Fraunhofer Institute, and MBDA. With their efficient and effective end-to-end XR solutions, HGXR recreates hyper-realistic scenarios — such as close quarter battle or police training – in safe virtual environments, enabling professionals to train in any real-life situation including high-risk scenarios and undergo highly effective learning-by-doing experiences. Compact and mobile, HGXR’s turnkey solutions transform any room into a dynamic virtual training space, tailored to the specific needs of each customer.
Filip Dames, Founding Partner of Cherry Ventures, commented: “When we first teamed up with Leif, Hologate was setting out — and succeeding — on an entertainment-focused vision for their XR. Now, with their ability to replicate everything from the visualizations to the interactions of real-life scenarios, Hologate is helping, to start, law enforcement professionals train in intense environments with fewer resources, less risk, and greater effect.”
Robert Zipp, Head of Bolero Holdings, added: “We are excited to have co-led this funding round, showcasing our strong belief in the immense potential of extended reality technology. Its remarkable applications in both entertainment, training and simulation have captivated us from the moment we experienced it firsthand. We are excited to contribute to the growth of HOLOGATE within this incredibly innovative sector, taking them to the next level.”
Read the orginal article: https://www.eu-startups.com/2023/08/munich-based-hologate-bags-e8-3-million-series-a-to-expand-interaction-with-virtual-humans-worldwide/
