Investment Propels VRAI’s Expansion

Irish simulation data company, VRAI, has today announced a new investment round totalling $5.2 million as it looks to expand into the US, double its employee headcount from 25 to 50 and triple annual revenues over the next three years. Founded in 2017, VRAI, which is based in Dublin, currently provides human performance data products for simulation training to the Irish Defence Forces, British Army, The Royal Air Force, BAE Systems and Kongsberg, among others. It also has clients in offshore renewables and emergency services.

This round will be led by Beringea - a high profile London-based investor in high growth businesses with significant experience in helping companies expand from Europe into the US. 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 and Northstar Ventures.

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. This trend has made the production and exportation of dual-use technologies fundamentally strategic for international markets, and currently, a quarter of the overall VC-backed ecosystem in allied countries is working to develop dual-use technologies. The recent partnership announcement between OpenAI with defence tech company, Anduril is also indicative of a turning point in the adoption of modern software based dual technologies.

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