Irish simulation data startup VRAI raises €5m for dual use defence tech, power U.S. expansion

Irish simulation data startup VRAI, has raised €5 million Series A investment round, as it looks to expand into the U.S., double its employee headcount, and triple annual revenues over the next 3 years. Founded in 2017, VRAI, which is based in Dublin, currently provides human performance data products for simulation training to Kongsberg, BAE Systems and the British Army, among others. It also has clients in offshore renewables and emergency services.

This round was led by Beringea, a transatlantic venture capital investor with more than $900 million under management that seeks to create lasting success for rapidly scaling entrepreneurial companies. This round of investment will leverage Beringea’s transatlantic footprint and drive VRAI’s expansion in the U.S., the world’s largest market for immersive technologies in aerospace, defence and security.

VRAI plans on utilising these latest funds to establish a U.S. office to help meet the growing demand for their products. This will enable the company to reach the largest simulation market in the world and bring their human performance data product to new customers. VRAI’s other investors include Enterprise Ireland, Northstar Ventures and a number of Irish family offices.

Pat O’Connor, CEO, VRAI: ''We are delighted to announce our latest investment round, which marks a significant milestone in our mission to redefine exceptional human performance through data driven simulation. 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 U.S. office.''

This latest investment is a further indication of the value of data focussed products, as well as dual use technologies. The dual use and defence technology sector has been growing rapidly in response to the growing threats to society, in particular since the Russian invasion of Ukraine, which has resulted in record highs in EU defence spending. The recent partnership announcement between AI tech giant OpenAI with major defence tech company, Anduril is also indicative of a turning point in the adoption of modern software based dual-use technologies to develop critical national defence and security capabilities.

Luke Edis, Investment Director, Beringea: ''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 U.S.''

www.vraisimulation.com

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