Ingenious invests in immersive software and technology company
- Represents the seventh investment round from the Ingenious Infrastructure Ventures EIS Service in last two years
Ingenious today announces that its Infrastructure Ventures EIS Service has invested £787,000 in Igloo Vision, the Shropshire-based immersive software and technology company that can take any digital content and put it into a shared immersive space. The funding will be used to continue the build-out of Igloo’s software suite and accelerate the production of its recently launched Igloo Immersive Media Player.
The Igloo Immersive Media Player is designed to bring immersive technology easily into the reach of companies globally, with a user-friendly, plug-and-play, off-the-shelf solution. It offers any organisation the ability to retrofit any meeting room into an immersive workspace. 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 onsite teams to connect with working-from-home colleagues, and by enabling teachers to deliver lectures to remotely-based students.
Early buyers include one of the world’s leading management consultancy firms, one of the world’s largest logistics firms, and one of North America’s leading utilities players. The firm’s technology is well-suited to training, simulation, visualisation, and education, as well as events and experiences. Long-term clients currently include Accenture, Microsoft, WarnerMedia, NTT, and AECOM, many of which are using the technology to adapt to the COVID-19 pandemic.
The investment from Ingenious will not only accelerate the production of the Igloo Immersive Media Player, but also the ongoing development of Igloo’s broad existing software suite.
The transaction represents the seventh investment round from the Infrastructure Ventures EIS Service in the last two years, following the backing of Shoreline, the intelligent field operations management software start-up; TeraView, pioneer and leader in terahertz technology and solutions; 3D Repo, the cloud-based digital platform design pioneers; Winnow, the technology company behind Winnow Vision, the artificial intelligence tool helping chefs cut food waste in half; Over-C, an analytics company focused on operational performance in the workforce management market and Reactive Technologies, a technology platform facilitating the transition to a low carbon future.
Neil Forster, Chief Executive Officer at Ingenious, commented: “In the current environment, it is the companies that effectively support collaboration and communication between multilocational 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.”
This is Igloo’s second investment round since the onset of the COVID-19 pandemic. Back in April 2020, it secured £435,000 from a range of EIS investors. Since then, the valuation of the company has seen an annualised 12% increase.
Dennis Wright, Chief Executive Officer at 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.”