Inflight VR has reached a big milestone on its mission to provide businesses in various travel industries with Virtual Reality entertainment solutions. Eight customers in the first year of operations have shown that the technology works and passenger feedback of over 95% positive sentiment demonstrates Inflight VR’s potential in improving passenger experience. As a result, Inflight VR successfully closed its largest equity financing round to date, resulting in a total of over €4 million. The fresh capital is intended to support further roll outs with multiple clients across different industries and use cases and to generate valuable data about content performance, user behavior and business models.
The funds mainly come from existing shareholders, Venture Capital firms such as Motu Ventures and CBC Investments, but also from new investors such as Stefan Lauer, a former Executive Board Member of Lufthansa and Dr. Carsten Berrar, Partner at Sullivan & Cromwell and winner of the 2018 Transatlantic Dealmaker of the Year Award.
Founded in 2014, Inflight VR is based in Munich and Barcelona. Its multinational team of Virtual Reality experts has developed a unique solution serving the needs of transportation companies by enabling a seamless deployment of a fully immersive and high quality virtual reality entertainment system with ancillary revenue opportunities, thanks to individual stand-alone VR headsets. Inflight VR has been deployed on busses, airlines and lounges in Asia, Europe, the Middle East and North America.
“We believe in the tremendous opportunities VR provides for companies such as airlines or bus operators who push the envelope of their customers’ travel experience. From the beginning, we focused on a multi-dimensional ROI for our customers seeing VR as a business solution.” says Moritz Engler, CoFounder and Chief Executive Officer of Inflight VR.
Lounge operators like Aviapartner and Star Alliance, airlines such as Iberia, Jin Air, Singapore Airlines, SunExpress or EL AL and Europe’s largest long- distance bus service provider FlixBus have been close partners and early adopters of a technology that is on the verge of mainstream adoption.
Engler adds, “Our role is two-fold: First, we are educating customers about the benefits of VR and then we deliver. We make today’s most emerging technology work. Our thorough approach addresses all technical, commercial, logistic, usability and rights management aspects to make this a seamless way for customers to amaze their passengers and build a closer relationship to their brand.”