Press Release – Tuesday 11 December 5.15pm
Dublin Virtual & Augmented Reality Company to Receive Disruptive Technology Funding
Irish Virtual and Augmented Reality company, VRAI, have been announced as part of a winning consortium in the Disruptive Technologies Innovation Fund (DTIF). The Irish Government’s flagship technology fund is focused on future proofing the Irish economy and has awarded €7.5m to the Tyndall Institute led Holistics Med-Tech project.
Speaking on the DTIF Award VRAI founder Niall Campion said:
“VRAI is made up of incredibly talented people doing incredibly exciting and important work. This grant is a great support to our business in financial terms, but the most exciting part is working with Tyndall Institute and the other companies at the forefront of future proofing the Irish economy.”
VRAI are based out of Dublin’s South William Street and have been in operation since August 2017. VRAI’s work with the United Nations, Samsung and ESB has already caught the attention of Enterprise Ireland’s High Potential Start-Up programme (HPSU) focussed on bringing investment in to grow the company, increase exports and create jobs.
VRAI currently employ four full time staff, as well as 2 part time staff, and hope to increase that to 10 full time jobs while growing annual revenue to €1m in 18 months time. Campion added:
“VRAI are working with leading companies around the world and plan to continue to grow the company while adding high tech jobs and exports to the Irish economy. We believe that Enterprise Ireland’s HPSU, in addition to the DTIF award, will help us attract the investment we need to kick on to the next level.”
The DTIF award was announced by Irish Prime Minister Leo Varadkar and is further validation that VRAI is at the leading edge of disruptive technology in Ireland. Speaking at the announcement of the winning projects An Taoiseach Leo Varadkar said:
“The creation of this fund is particularly timely when we consider the vast and rapid technological advancements that are taking place. Today everything is faster, more efficient, and more easily accessible. We must adapt to a future of greater digitalisation and automation.”
The project VRAI is involved in highlights the coming together of the SME community, academia and multinational supply chains in Ireland. The project plans to drive collaboration between the research base and industry in support of the development and adoption of breakthrough technologies in Ireland.
Notes to Editors:
- For more information on VRAI and our recent work please see the website here: www.vrai.ie
- For more information on the winning projects please see here: https://dbei.gov.ie/en/News-And-Events/Department-News/2018/December/10122018a.html
- VRAI are also part of a consortium that is competing for EU Horizon2020 funding for an innovative project seeking to develop dynamic virtual environments that are responsive to the users brain activity. This project has the potential to attract a further €500,000 in grant funding for VRAI in 2019.
- Founder of VRAI, Niall Campion, is available at email@example.com