VRAI funding news – Dublin-based VRAI Secures €5 Million in Series A Round Funding

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 will be led by Beringea, a transatlantic venture capital investor with more than $900m 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 US, the world’s largest market for immersive technologies in aerospace, defence and security.

Read also - Fund F funding news – Vienna-based Fund F Closes First Fund at €28Million

VRAI plans on utilising these latest funds to establish a US 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 leading Irish family offices.

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.

Speaking about this latest investment, Pat O’Connor, CEO of VRAI said: “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 US office.”

Luke Edis, Investment Director at Beringea, commented: “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 US.”

About VRAI

VRAI, founded in 2017 by Pat O’Connor, is a simulation technology company that works with clients in defense and security, including the British Army, Irish Defence Forces, Royal Air Force, BAE Systems, and Kongsberg. They also serve customers in offshore energy and emergency services.