October 24, 2016
Today, Chicago-based virtual reality software developer InContext Solutions has successfully closed their Series E round of $15.2 million. The round is led by Intel Capital and Beringea, and will be used in an effort to scale the company’s sales and marketing initiatives.
Funding from the Series E round will also go towards improving upon InContext Solutions’ VR product portfolio. InContext Media is the leading provider of scalable, web-based VR shopping and retail solutions, which allows retailers and manufactures to simulate real in-store shopping experiences.
“Virtual reality is moving beyond the gaming community with use cases rising up across many different industries,” said Doug Fisher, senior vice president and general manager of the Software and Services group at Intel Corporation. “InContext Solutions has already had a significant impact on virtual reality for the retail and manufacturing industries. We are excited to see how virtual reality solutions, such as InContext Solutions, based on Intel Architecture, are poised to transform industries in more immersive, interactive ways.”
Beyond gaming and entertainment, companies like InContext Solutions are creating truly business driven applications for virtual reality. Rather than the lengthy and expensive process associated with placing new items on retail store shelves, VR allows brands to cut costs and save time by simulating the experience. In a previous interview with the team, they also discussed how the software could even be tied into a point of sales (POS) system and turned into a virtual store.
“This latest round of funding gives us strong strategic backers who share our vision of even more robust, fully-immersive virtual reality solutions for retail,” said Mark Hardy, CEO of InContext Solutions. “We have long been a leaderin web-based VR, and this investment allows us to aggressively develop our VR platform, further lowering costs and improving speed and revenue for our clients.”
To date, InContext Solutions has publicly raised a total of $42.5 million across six rounds. The latest round comes after announcing news of a new collaboration between InContext Solutions and Intel last month.
Did you like this article?
Get more delivered to your inbox just like it!
Sorry about that. Try these articles instead!