Shropshire-based immersive software and technology company, Igloo Vision, has secured £787,000 in equity investment under the UK Government’s Enterprise Investment Scheme (EIS).
The firm, which develops technology and software that can take any digital content and put it into a shared immersive space, will use the funding to continue the build-out of Igloo’s software suite and accelerate production of its recently-launched Igloo Immersive Media Player.
Igloo’s technology, which enables groups to get inside spaces and engage with content, is well-suited to training, simulation, visualisation, and education, as well as events and experiences. Clients include Accenture, Microsoft, WarnerMedia, NTT, and AECOM, many of which are using the technology to adapt to the COVID-19 pandemic.
The funding was secured through London-based Ingenious Group, a leading investor specialising in the media, infrastructure, real estate and education sectors. Ingenious’s recent investments span cloud-based digital platform design pioneers, an ed-tech start-up and an energy company facilitating the transition to a low-carbon future.
This is Igloo’s second investment secured since the onset of the COVID-19 pandemic. In April, it secured £435,000 from a range of EIS investors and since then, the valuation of the company has seen an annualised 12% increase.
Dennis Wright, CEO of Igloo Vision, said:
“This latest investment, along with the ongoing increase in the valuation of Igloo, is a reflection of the significant progress we’ve made, irrespective of a global pandemic and recession. Sales have remained buoyant and we have been able to penetrate new geographies, with Igloo technology now used in 39 countries.
“The new funds, like the previous investment round, help us to fast-track our global growth, and, as we are eligible for further EIS investment until March 31st 2021, we are open to hearing from other potential EIS investors who want to be part of the Igloo success story.”
Earlier this year, Igloo launched its Igloo Immersive Media Player, designed to bring immersive technology easily into the reach of companies globally, with a user-friendly, plug-and-play solution. This offers any organisation the ability to retrofit any meeting room into an immersive workspace. Early buyers include global management consultancy heavyweights, one of the world’s largest logistics firms, and major North American utilities players.
The Igloo Immersive Media Player is available to companies worldwide through integrators, including through a partnership with AVI-SPL, the world’s largest audio visual integrator.
The investment from Ingenious Group will not only further the production of the Igloo Immersive Media Player but also enable the continued development of Igloo’s already broad software suite. Importantly, Igloo software has also been integrated with video-conferencing platforms, like Zoom and Microsoft Teams. This immersive video-conferencing solution has been used by Igloo clients in the enterprise and education sectors adapting to the pandemic, for example by allowing on-site teams to connect with working-from-home colleagues, and by enabling teachers to deliver lectures to remotely-based students.
“What makes me happiest of all about the announcement is the symbolic value to the Igloo team.” added Wright.
“Our people have worked incredibly hard to keep the company on track through the COVID-19 crisis, and this latest investment stands out as another strong vote of confidence.”
Neil Forster, Chief Executive Officer at Ingenious, said:
“In the current environment, it is the companies that effectively support collaboration and communication between multi-locational teams that will thrive. Igloo Vision is certainly one of those companies as is demonstrated by their extensive client list which includes some of the world’s leading brands, software companies, and utilities.
“The deal aligns strongly with our investment strategy and we are looking forward to working closely with Dennis and his team.”