VR Education Holdings (AIM: VRE)  and its strategic partner, HTC Corporation ('HTC'), have together launched the ENGAGE platform in China, reselling the platform as ‘VIVE Sessions.’

The VR technology firm operating in education, communication and virtual events, said the new service will focus on large-scale conferences, exhibitions and educational events with HTC providing all the necessary enterprise sales, support and marketing in the region.

The VIVE XR Suite, which includes VIVE Sessions and is being launched globally, is an enterprise-focused integrated VR software bundle of applications enabling users to collaborate, even when physically apart, via PCs, phones, tablets and most major VR devices.

A virtual launch event conducted in the VIVE Sessions application was held earlier today where thousands of attendees joined in avatar form from around the world. HTC also announced that Accenture will be a distribution partner for the XR Suite to its global clients.

The VIVE XR Suite consists of applications designed to meet the challenges of ‘working, learning and living remotely’ by using the latest spatial computing technology which enables users to feel like they are having a shared experience with others in a virtual space.

The Company highlighted to investors that this integrated bundle provides a collection of solutions for real-time collaboration, virtual events, as well as life-like communication.

Shares in VR Education have increased in value by over 60% since September 2020 and opened 4.05% higher this morning at 19.25p following the announcement.

HTC, which now holds a c.20% stake in VR Education, agreed to invest €3.0 million in the VR technology firm back in May 2020. The same day, HTC signed an agreement with VRE for an initial four-year period where it would become the group’s exclusive distributor throughout the Greater China Region as well as its non-exclusive distributor for the Global Region. 

Under the terms of the agreement, HTC agreed to pay a percentage of net revenue as collected by HTC in the Greater China Region as well as a guaranteed minimum quarterly payment of €75,000 to be made by HTC to the Company, commencing in January 2021. 

David Whelan, CEO of VR Education, said the group had been working closely with HTC's China team for six months “extensively testing the Chinese deployment of VIVE Sessions.”

He said, “With so many challenges in acceptance for European developed software to be deployed into the Chinese market, we are delighted to be working with HTC as our partner which has made this difficult task possible.”

Whelan believes that having ENGAGE services available for Chinese users will help create additional revenues for the Group going forward in one of the world's largest markets.

He added, “We have seen high demand for ENGAGE services globally because of Covid-19 concerns and we hope to see significant demand in China for VIVE Sessions.  We believe that ENGAGE will have broader appeal to Asian users who are typically quicker to adopt new technologies.”

"The Chinese release of ENGAGE is a major milestone for the Group and something that is rare for a medium sized business like us,” said Whelan, who added that the Company believes it has set solid foundations for both companies as it grows the XR space together.

Follow News & Updates from VR Education here: