November 11 (SeeNews) - Sofia-headquartered venture capital fund Eleven Ventures said that it has made an investment in MetaSim - a UK-registered company for soft-skills corporate training based on virtual reality (VR).
"The market wave is coming, and it will give rise to new players in the big and growing training market, even though the application of VR in soft skills training is in its infancy. Advances in technology such as VR, AR, AI, and deep learning will redefine the landscape and give rise to more immersive and personalised training at the workplace," Eleven Ventures said in a statement on Wednesday.
Eleven Ventures did not disclose the value of its investment in MetaSim but Sofia-based business news outlet The Recursive reported on Wednesday that it amounts to 500,000 euro ($573,600).
MetaSim plans to use the investment of Eleven Ventures to expand its team, which is currently based in Bulgaria, as well as to renew and increase its inventory of specialised hardware, and expand the simulation offerings on its catalog, The Recursive reported.
According to the UK's commercial register, MetaSim was incorporated in November 2020 in Maidstone.
($ = 0.871773 euro)