Virtway, which claims to be the world’s largest virtual conferencing platform, says it has raised €4m to fund UK expansion including a new office in London.
Virtway’s real-time 3D virtual platform allows users to host and attend online events. The company says its platform is used by AstraZeneca, Accenture and Manpower.
The major investment will signal the company’s first expansion outside of its native Spain. The funding was led by Virtway Invest AB and was driven by high demand for the platform in the UK and the USA.
Founded in 2014 by Spanish entrepreneur Jose Antonio Tejedor, Virtway is an immersive platform that provides online 3D virtual experiences such as conferences, fairs and training sessions. Users choose their own avatar, and can present, talk and network with each other in real time, simulating the feeling of direct contact and offering, according to Tejedor, a more engaging experience than webinars, video and conference calls.
Virtway claims its product helps expand event attendee lists to more geographies, while significantly reducing the carbon footprint through reduced travel. Data insights on audience participation is then offered to organisers to help them better plan their future events.
Virtway’s 3D engine can be accessed through computers and both iOS and Android mobile devices and its events cost between £1,000 (US$1,253) and £10,000, depending on size. Up to 500 avatars can be present in the same virtual room, not only from tablets and computers, but also from mobile phones.
The company says its competitors, by comparison, have a limit of 50 users per room when connecting via mobile phone.
The advanced 3D VoIP (Voice Over Internet Protocol) allows individuals to speak to others while giving a realistic perception that you are talking to an individual or small group rather than being in a chat room, the company says.
Jose Antonio Tejedor, says: “This investment will be a great boost to what we hope will be a successful expansion in the UK following increased demand from English-speaking countries. It’s a really exciting time for the company with a huge amount of interest in the product from companies and universities.
“We have an exciting and unparalleled product and are constantly working to improve the UX. There is no other platform that is offering the level of connectivity and experience that Virtway is currently bringing to the marketplace. The funding will be used to further improve the product and increase our footprint outside of Spain. It has come at a great time and we are looking forward to the next stage of our journey.”