Training Solution Specialist Strivr Completes $30 million Funding Round

Originally a virtual reality (VR) training solutions provider for sports teams, Strivr has since expanded its focus towards the enterprise markets, now partnering with companies including BMW, Fidelity, JetBlue, Verizon and Walmart. Today, Strivr has announced the completion of a Series B funding round, securing the company a $30 million USD investment.

The round was led by Georgian Partners with existing investors GreatPoint Ventures and Alumni Ventures Group taking part. Franklin Templeton and Prologis Ventures joined the round as new investors. The new funding will allow Strivr to further its immersive learning solutions for enterprise use cases, designed to help companies improve workforce engagement and performance.

“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, in a statement. “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.”

In addition to the funding round, Strivr has announced the issuance of a patent by the US Patent and Trademark Office (USPTO) covering the measurement of training data in VR. The company has developed an algorithm which uses sensing data from sources like head, hand, and eye movements, as well as physiological data, to predict how performing a task in VR will translate into a real-world situation. Thus giving clients a better understanding of how VR will benefit their particular industry.

“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, who has joined Strivr’s board of directors. “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.”

Strivr has now managed to raise $51 million in venture funding. As the company continues to drive immersive learning forward, VRFocus will keep you updated.