Innovative Training Solutions Expand with New Acquisition
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Interplay Learning, a provider of immersive skilled trades training, has secured funding from Goldman Sachs Alternatives and acquired Industrial Training International (ITI) to expand its footprint in key sectors. As part of this round of Investment, Interplay is adding Richard Waitumbi, Managing Director at Goldman Sachs, to its Board of Directors.
With the acquisition of ITI, Interplay is deploying a portion of the growth investment to expand into the industrial sector, furthering its vision to reach every industry that faces a chronic labor shortage. ITI brings additional immersive simulation training solutions in activities related to crane and rigging operations, a common need across all types of job sites.
According to Angi’s 2024 Skilled Trades Report, 70% of surveyed tradespeople say the lack of an available workforce is stunting their growth. The U.S. Labor Statistics estimates there will be 1.5 million new skilled trades jobs by 2029 and not enough workers to fill them. The need to replace retiring workers by attracting younger talent to careers in the trades is felt across the residential, commercial, industrial, and infrastructure construction industries.
Greg Shell, Partner and Head of Inclusive Growth Strategy within Sustainable Investing at Goldman Sachs Alternatives, shared, “Companies worldwide have tremendous challenges in hiring and retaining skilled talent, and education systems are slow to meet this need. Interplay Learning, with its leading AI and immersive technology, enables companies to control their trade skills development destiny and powers education partners to prepare the global workforce’s next generation of skilled workers.”
The company is addressing the skilled labor shortage by providing companies with innovative, digital tools that not only upskill existing talent but also help companies attract, train, and retain people with no prior experience. Interplay’s immersive career development platform offers over 500 hours of courseware across a range of skilled trade paths and leverages both AI and 3D simulations to deliver an intelligent skills development program unlike any on the market. Interplay’s solutions aim to equip businesses with scalable solutions to get workers job-ready faster and keep them longer.
Beyond industry, Interplay helps educational institutions by powering programs with supplemental learning that utilize 3D simulations and virtual reality.
