The leading enterprise virtual reality training platform provider, Strivr, has raised $35 million in an extension to its previously announced $30 million series B round of funding. The company boasts of several marquee clients, such as Walmart, Verizon, and Bank of America.
The funding comes amid an immense wave of ‘great resignation’ with over 4.3 million US workers quitting their jobs in January alone. This, combined with the rising cases of burnout and a shift in mindset about life and career goals, is prompting companies to look towards new technologies to help attract talent and retain what they currently have.
Moreover, the pandemic led to massive layoffs, which acted as a catalyst for people to re-evaluate their goals and careers. The desire for better pay and opportunities further led to a record number of people quitting their jobs, requiring companies to adapt to changing employee needs quickly.
Strivr is helping companies to combat these new challenges by offering a novel method to help train the employees and facilitate their personal growth through virtual reality. The platform amalgamates theory, data science, spatial design, creator tools, and more to address the company-specific training needs across devices and locations.
Back in 2017, Walmart began training employees in VR using Strivr and, a year later, expanded the program by purchasing an additional 17,000 Oculus Go headsets.
Nevertheless, since its original series B funding round two years ago, Strivr has amassed an impressive roster of new clients. Bank of America is rolling out the platform to train 45,000 employees across its 4,000 locations in the US. The bank has extended the commitment towards the space by directly investing in the company as part of the series B extension.
Hospitality and entertainment giant MGM Resorts has deployed the platform to train employees in Las Vegas, Michigan, and New Jersey, with plans to extend the program further.
The series B extension round was led by Georgian and saw participation from Accenture Ventures, Workday Ventures, and Gaingels. With the additional $35 million, Strivr is well-positioned to capitalize on emerging opportunities in the sector as companies across industries seek new ways to engage, upskill, and reskill their workforce.
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