VRAI secures €5m in funding round, eyes US expansion

Dual-use and defence applications power continued investment and growth plan

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Image: VRAI

Simulation data company VRAI has a announced €5 million investment round and plans to expand into the US market, double its employee headcount and triple annual revenues over the next three years.

Founded in 2017, VRAI provides human performance data products for virtual reality simulation training to the Irish Defence Forces, British Army, The Royal Air Force, BAE Systems and Kongsberg, among others. It also has clients in offshore renewables and emergency services.

This round will be led by Beringea – a London-based investor in high growth businesses with significant experience in helping companies expand from Europe into the US. VRAI’s other investors include Enterprise Ireland, Northstar Ventures and a number of leading Irish family offices.

This latest investment is a further indication of the value of data-focussed ‘dual use’ products with potential for civillian and military applications.  The dual-use and defence technology sector has been growing rapidly since the Russian invasion of Ukraine, which has resulted in record highs in EU defence spending. This trend has made the production and exportation of dual-use technologies fundamentally strategic for international markets, and currently,  a quarter of the overall VC-backed ecosystem is working to develop dual-use technologies.

Pat O’Connor, CEO of VRAI, said: “We aim to be global leaders in our niche, providing the very best human performance data products to our customers, helping them to reduce cost, reduce risk to their employees and redefine exceptional human performance. This investment will allow us to continue innovating for our existing customers, continue building a talent-dense team and growing the company through a new US office.”

Luke Edis, investment director at Beringea, commented: “Global industries – particularly defence and aerospace – are increasingly turning to simulated environments to provide training. Gone are the days when individuals had to learn within expensive pieces of equipment – you can now train in simulated environments that are cheaper, safer, and more measurable. VRAI is fundamental to ensuring this process is effective. Beringea will be working closely with Pat to drive the next chapter of growth for VRAI, particularly through leveraging our network in the US.”

TechCentral Reporters

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