Virti Raises $10M Series A to Revolutionize Soft Skills Training in VR
The Shift to Virtual Staff Training
When the pandemic emerged, many organizations were compelled to transition staff training programs to a virtual format. Traditionally, this often involved relying on pre-existing corporate training systems, which are frequently considered less than ideal. However, was there an alternative approach available?
A Novel Approach to Training
In 2018, Dr. Alex Young, a trauma surgeon, pioneered a new method by adapting the training protocols used for high-pressure situations, such as surgical procedures, to a virtual reality environment. This resulted in what he describes as a significantly effective and innovative training methodology.
Virti Secures Series A Funding
Dr. Young’s digital training platform, Virti, has recently secured $10 million in a Series A funding round. This investment was spearheaded by IQ Capital, with participation from Cedars-Sinai Medical Center. Furthermore, Kurt Kratchman and Mark Ashworth have joined Virti from Oracle, assuming the roles of CRO and CFO/COO, respectively.
Platform Capabilities and Data Analysis
Based in Bristol, U.K., the Virti platform is compatible with mobile devices, desktop computers, and both VR/AR headsets. It gathers data across all these platforms to analyze, evaluate, and provide feedback on employee performance.
This process transforms skills that are typically assessed subjectively into more objective and quantifiable data. Notably, Virti was recognized as one of TIME’s Best Inventions of 2020.
Demonstrated Improvements in Training Outcomes
Virti asserts that its deep learning technology enhances training results by as much as 230%. The company also reports a 978% increase in revenues. A key feature is its cloud-based, no-code simulation creation suite, which enables organizations to develop customized training modules.
CEO Commentary on Experiential Learning
Dr. Alexander Young, CEO and founder of Virti, stated: “Our primary objective at Virti is to optimize human performance by making experiential learning both affordable and accessible to all. Traditional in-person training is often costly, while e-learning can frequently lack engagement—and research indicates that employees can forget over 80% of episodic training content.”
IQ Capital’s Perspective on the E-Learning Market
Max Bautin, managing partner at IQ Capital, commented: “The e-learning sector has experienced substantial growth over the past five years, and the shift to remote work accelerated by COVID-19 has dramatically increased demand. Virti’s advanced experiential learning platform is, without question, the leading solution globally.”
Competitive Landscape
Virti’s competitors include conventional desktop-based training solutions. Within the VR space, key competitors are StriVR, which has raised $51 million, and Mursiun, which has secured $35.1 million in funding.
Deeper Insights into Virti’s Analytics
During a conversation, Dr. Young explained: “Our patented system can track where individuals are focusing their attention when using a virtual reality headset. This allows us to gather detailed engagement metrics, similar to heat map data used in marketing.
By combining this data with how users interact and make decisions within the virtual environment, we can predict their potential performance in real-world scenarios and present these insights on a reporting dashboard. Furthermore, our system addresses the issue of forgetting – people tend to forget around 80% of what they learn if they don’t practice.
Our platform allows users to revisit simulations, reinforcing their knowledge and skills, and because it’s accessible on mobile devices as well as VR/AR headsets, they receive regular updates and reminders, improving retention.”
