Immersia receives $500k valuation, seed funding and joins state’s leading incubator
Immersia has joined six of Australia’s fastest-growing early-stage startups in the Vocus Upstart accelerator program. The incubator provides a valuation of $500,000, seed funding, office space in the centre of Perth and mentoring from 40 icons of Australia’s startup scene, including Shark Tank’s Steve Baxter, Quickflix’s Stephen Langford and Business News CEO Charlie Gunningham.
“We couldn’t be more excited to have the opportunity to accelerate our growth as one of Australia’s pioneering virtual and augmented reality companies” stated Founder Adam Geoghegan. “The funding will be used to build out and trial our current prototypes in the safety training, property visualisation and mental wellbeing areas, as we continue to experiment with applications of immersive technology in these sectors”.
Immersia competed against 75 other startups for a place in this year’s cohort, which required applicants to go through a process including pitches to leading investors in Perth’s angel and venture capital scene. Other startups selected into the incubator include Yabble, Veri.Vote,Everythere and Jurymetric, which range from online voting platforms to apps that partner parents with activity providers for their children. All startups accepted operate in the tech space.
Immersia’s team (and suite of the latest immersive technology, including a 360 camera, the HTC Vive VR system, Oculus Rift and a range of mobile headsets) moved into their new space on St Georges Terrace at the beginning of August, and are available to organise VR workshops, quote on 360 video or discuss their internal projects.
“Surviving on bootstrap funding since 2014 has not been easy, and bringing investors on board has encouraged us to identify immediate revenue streams while we continue to experiment and build our own long-term products. As such, we have also solidified our VR Innovation Workshop and end-to-end 360 video production services, two services in hot demand in the current market.”