The provider of AR and VR-powered on-the-job training programs, Transfr VR, has raised USD $35 million in Series B funding to accelerate its VR Training offerings into new regions and industries heavily impacted by skills gaps and unemployment.
Lumos Capital Group led the funding round that also saw participation from existing investors, Firework Ventures and Album VC, and a new investor coming on board, Spring Tide Capital.
Transfr’s simulations transport learners into a lifelike virtual environment, providing them the impression of an actual worksite. The company’s approach allows trainees to experience hands-on training while working with a pre-programmed digital coach in an immersive, 360-degree, safe environment.
“Employers are looking for undiscovered talent – but high potential workers often are unaware of the on-ramp to in-demand and high-paying careers,” said Bharani Rajakumar, founder and CEO of Transfr.
The company was founded back in 2017 to pioneer the use of virtual and augmented reality for facilitating training for some of the country’s fastest-growing jobs and industries in sectors, such as automotive, aerospace, advanced manufacturing, healthcare, and construction.
Over the past five years, Transfr has worked with numerous customers, including non-profits, the public sector, and enterprises from 36 states and the District of Columbia. More than 10,000 incumbent workers, job-seekers, and students have benefited from the company’s offering, helping them learn or prepare for upcoming career opportunities.
The company stated that almost 300 organizations had deployed the platform to facilitate skills training and career exploration. Moreover, its suite of immersive learning technology and assessment tools are being used by local workforce agencies, schools, colleges, and employers across the US.
Virtual reality has emerged as a crucial medium, enabling individuals to progress in their careers. It is helping break down barriers to career exploration, training, and entry while allowing employers to uncover hidden, unexplored talent.
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