Extended reality (XR) company Virnect is planning to expand from offering XR solutions to customers to launching XR platforms, the company CEO told TheElec.
Virnect was founded in 2016 is a software company that offers XR solutions for industrial use.
It offers a variety of solutions in a variety of different brands. Its products include computer vision engine Track; in XR solutions it offers Remote, Make, View, and Twin, which are for remote collaboration, content production, content viewer and 3D monitoring, respectively.
Track boasts a processing speed of under 0.03 seconds, Ha claimed, which allows for real-time work.
Vernect’s solutions support smartphones, tablets, smart glasses, drones, and robots while in OS it supports both Android and iOS, the CEO said.
Earlier this year, the company launched XR-based platform called SQUARS in Europe.
In a press conference ahead of its IPO, CEO Tim Ha said the company plans to give more focus to XR platforms going forward.
Ha also talked up the company’s Remote solution, which allows experts to give augmented reality (AR)-based guides to field workers using smart glasses.
The solution was being used by companies with production lines abroad, such as LG Energy Solution and LG Display, Ha said.
Remote uses AR pointing to give precise information to on-site workers and offers translations for 10 languages, the CEO said.
Make and View are used for training for pilots of aircraft and cars. Korea Airports Corporation currently uses Virnect’s solutions, Ha highlighted.
Vernect is aiming for an annual revenue of 8.9 billion won this year; 14.6 billion won in 2024; and 22.9 billion won in 2025.
Its customers include LG Chem, LG Energy Solution, and Samsung SDI. It has secured 39 billion won in funding so far; Hanwha Corporation is a major investor that accounted for 10 billion won of the total.