The company’s shares were last trading 14.3% higher intra-day, at $0.024.
VR training products provide a far more engaging training solution than traditional learning methods with the ability to immerse users in the experience.
In particular, VR content can be extremely effective in situational training such as traffic management, health & safety in the workplace, site inductions and more.
The VR training content is expected to bolster Velpic’s existing revenue streams, providing a significantly differentiated product suite for existing and new customers.
Velpic has partnered with Cortex Interactive, a developer of VR training content, to provide VR lessons for the Velpic platform.
The app is expected to launch in the beginning of March and will be available for download from the Apple App Store and Google Play app marketplaces.
The VR training content will range from entry-level content using a Google Cardboard device plus a smartphone to premium immersion experiences that require a full suite of top-end VR equipment.
Velpic’s content will be priced on both a subscription service and a professional service fee basis depending on whether the customer opts for the entry-level content or bespoke content.
The virtual reality market represents a significant opportunity for Velpic and is predicted to be worth $30 billion by 2020.
The company is well funded with a cash balance of about $5.1 million as at 31 December 2016.