The digital training platform Virti has raised a $10 million Series A round led by IQ Capital. Cedars-Sinai Medical Center and a new, UK-based learning technology VC fund, Descenture Capital, also participated in the round. Furthermore, Kurt Kratchman and Mark Ashworth from Oracle will join the company as CRO and CFO/COO.
The Bristol-based startup has created a platform to analyze, measure, and give feedback on employee performance by capturing data across all sources, including mobile or desktop devices and VR/AR headsets. Their platform aims to transform the subjectivity in assessing skills into a more objective process facilitated by measurable data.
Virti’s platform was named as one of TIME’s Best Inventions of 2020.
The company claims that its deep learning technology is augmenting training outcomes by up to 230%, and the revenues of its clients are up by 978%. The company also provides a cloud-based, no-code simulation creation suite that enables its clients to build their custom training modules.
Dr. Alexander Young, CEO and Founder of Virti said, “At Virti, our goal is to maximize human performance by making experiential learning affordable and accessible for everyone. In-person training has always been expensive with e-learning often unengaging — and research shows that employees forget upwards of 80% of episodic training.”
Max Bautin, the Managing Partner at IQ Capital, said, “E-learning has seen strong growth over the last 5 years, and COVID-driven shift to remote work has increased demand many times over. Virti’s deep tech experiential learning platform is by far the best in the world.”
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