Igloo Vision, the Shropshire-based immersive technology company, has raised an additional £435,000 in funding under the UK Government’s Enterprise Investment Scheme (EIS).
Igloo creates immersive projection spaces, such as domes, cylinders, cubes, and immersive workspaces. Igloo’s technology can display any 360° or Virtual Reality (VR) content. And, because entire teams can get inside the immersive spaces and engage with the content, the technology is well-suited to training, simulation, and visualisation, as well as events and experiences.
The latest fundraising round, which closed on 5 April 2020, secured investment from several sources. The largest proportion, at £200,000, came from the London-headquartered financial services firm and asset manager Mariana UFP LLP under its Growth EIS Fund. The remaining £235,000 was secured from Igloo’s existing Midlands-based investors, including Frontier Development Capital and the Midven-managed Greater Birmingham EIS.
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Igloo CEO, Dennis Wright, said: “The fact that we were able to secure the investment in the midst of the Coronavirus crisis demonstrates the strength of the Igloo proposition. Our investors were particularly impressed by how we continued to get the Igloo message out, develop our solutions, and sign-up new business. As the crisis recedes, we will be in a strong position to resume our growth story.”
The investment will help the company to build out its existing software suite and refine its product range. Earlier in 2020, Igloo unveiled a new immersive workspace concept, which enables clients to retrofit Igloo technology into existing meeting rooms. Similarly, in response to the Coronavirus crisis, Igloo has developed a range of immersive video conferencing techniques, to help remotely-located project teams collaborate more effectively. The new funds will help Igloo to productise both of these solutions.
Igloo’s previous funding round closed in May 2019, when Frontier Development Capital invested £1 million in Igloo. Since then, the company valuation has seen an uplift of 75%, staff numbers have grown from 50 to 80, the business has opened new demonstration centres in both Manhattan and Central London, it has entered into a partnership with the world’s largest AV systems integrator and has added several new clients to its roster, including WarnerMedia, NTT, Automobili Pininfarina and Telstra.
Wright added: “What makes me happiest of all about the announcement is its symbolic value to the Igloo team. Our people are working incredibly hard to keep the company on track through the crisis, and this investment stands out as an important vote of confidence.