Vection Technologies – a game changer for Virtual Reality and Augmented Reality
Vection Technologies Ltd (ASX: VR1) is an innovative and high-growth software company. Vection Technologies through a combination of 3D, Virtual Reality, Augmented Reality, Industrial IoT and CAD Solutions helps companies and organisations to innovate, collaborate and create value.
The only pre-play Virtual Reality company listed on the Australian Stock Exchange (ASX), Vection had a great year in 2020.
In March 2020, the company increased its product offering by buying “Mindesk” which assists designers and engineers design and model projects using virtual and augmented reality. The software offers bi-directional real time links across to other design software and users can move from reality into augmented reality.
Virtual Reality and Augmented Reality solutions are spreading in different sectors and the targeted use of VR/AR can help to significantly reduce costs throughout the entire design and development phase of a product. Increasingly, AR/VR is finding applications also in after sales services, marketing, passing to training.
In January 2021, the company launched Mindesk Live Link which enables the use of CAD software in a VR reality environment without the need for programming skills or lengthy export and configuration processes. Also, the latest release of Mindesk allows users to place a virtual hologram of their model next to their pc workstation, interacting with the CAD scene through mouse and keyboard controller. The Mindesk XR solution provides the most advanced digital work environment for CAD professionals who need to be fast and efficient in their work.
An example video of Mindesk Suite 2021 integration with Varjo XR1 can be viewed below.
Gabriele Sorrento, director and CEO of Mindesk says “VR has been increasingly accepted by enterprises in the past 2 years. However, Mixed Reality now offers the opportunity to reach a wider professional audience”.
Trainer Creator Software
During 2020, the company also launched “Trainer Creator”. In December 2020, Vection announced the execution of an initial pilot agreement with agri-food processing leader, Mutti SpA (Mutti) for its Augmented Reality solution “Trainer Creator”. Mutti represents a significant first case in the agri-food industry for the trainer creator software solution. The initial agreement is valued at around AUD $50,000 in revenue for the first product line with potential to extend the solution across all product lines.
2020 Company Presentation and business case
A copy of the company’s 2020 presentation can be downloaded here. We see considerable upside the company’s shares which were trading at around AUD $0.12.