Technology giant HTC Corporation is to invest €3m in virtual reality technology software developer VR Education.
The two companies also said they have agreed a strategic partnership for the distribution and license of VR's ENGAGE platform through HTC's global sales channels.
The investment follows the success of the 2020 HTC VIVE Ecosystem Conference which was hosted - in virtual reality - on VR's platform in March.
The Dublin and London stock exchange listed technology firm said a total of 48,284,102 subscription shares will be issued at an issue price of 5.47 pence per share.
This represents a premium of about 10% to its share price when talks between VR Education and HTC started in March.
VR said the proceeds of the subscription will be used to further develop and enhance its ENGAGE platform and build its sales and marketing capability.
The funds will also be used to produce additional showcase experiences to support the uptake of the ENGAGE platform.
David Whelan, CEO of VR Education, said the company was delighted to be strengthening its partnership with HTC as demonstrated by its subscription for new shares announced today.
He said the subscription will provide additional funding for the next stage of its development and allow it to progress the capabilities and commercialisation of its core ENGAGE platform at a time when industries across the globe are adapting to new and innovative ways of working.
"In the wake of the Covid-19 pandemic, which is set to catalyse long-term changes in working practices, VRE and HTC's combined offering provides a complete end-to-end service to alleviate the challenges posed by reduced travel due to health and climate change concerns," Mr Whelan said.
Alvin W Graylin, HTC China President, said that earlier this year, HTC saw first-hand the kind of value it can deliver through ENGAGE by hosting its annual VIVE Ecosystem Conference entirely in virtual reality.
"With the ongoing global pandemic, we recognise that now, more than ever, it is important to invest in and expand accessibility to XR technologies that enable human connection and maintain presence when we are all physically apart," he said.
"Through this partnership, we believe we can offer an important service to large groups of people to learn, share and collaborate with their peers around the world," the HTC boss added
