VRAI raises €5M for US expansion

VRAI, a leading Irish simulation data company, has announced a new round of investment totaling €5 million as it plans to expand operations into the U.S., doubling its employee headcount from 25 to 50, and tripling annual revenues over the next three years.

“We are delighted to announce our latest investment round, which marks a significant milestone in our mission to redefine exceptional human performance through data-driven simulation,” said Pat O’Connor, CEO of VRAI. “We aim to be global leaders in our niche, providing the very best human performance data products to our customers, helping them reduce cost, and decreasing risk to their employees. This investment will allow us to continue innovating for our existing customers, continue building a talented team, and growing the company through a new U.S. office.”

Founded in 2017 and based in Dublin, VRAI provides human performance data products for simulation training to Kongsberg, BAE Systems and the British army, among others. It also has clients in the offshore renewables and emergency services industries.

Beringea will lead this round. A trans-Atlantic venture capital investor with more than $900 million under management, Beringea seeks to create lasting success for rapidly scaling entrepreneurial companies. This round of investment will leverage Beringea’s trans-Atlantic footprint and drive VRAI’s expansion in the U.S., the world’s largest market for immersive technologies in aerospace, defense and security.

“Global industries – particularly defense and aerospace – are increasingly turning to simulated environments to provide training,” said Luke Edis, investment director at Beringea. “Gone are the days when individuals had to learn with expensive pieces of equipment – you can now train in simulated environments that are cheaper, safer and more measurable. VRAI is fundamental to ensuring this process is effective. Beringea will be working closely with Pat to drive the next chapter of growth for VRAI, particularly through leveraging our network in the U.S.”

VRAI will apply these funds toward establishing a U.S. office to help meet the growing demand for their products. This will enable the company to reach the largest simulation market in the world and bring their human performance data products to new customers. VRAI’s other investors include Enterprise Ireland, Northstar Ventures and a number of leading Irish family offices.

This latest investment demonstrates the increasing value of data-focused products and dual-use technologies. The dual-use and defense technology sectors have grown rapidly in response to escalating threats to regional and international security, particularly since the Russian invasion of Ukraine, which has resulted in record highs in EU defense spending. The recent partnership announcement between OpenAI, the artificial intelligence tech giant, and Anduril, a major defense technology company, also demonstrates a turning point in adopting modern software based on dual-use technologies to develop critical national defense and security capabilities.