VSQTF - Victory Square Portfolio Company XR Immersive Technologies Corporate Update | Benzinga
VANCOUVER, British Columbia, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. ("Victory Square") (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of the best and brightest entrepreneurs and innovations from around the world in a single stock, is pleased to announce that its portfolio company XR Immersive Tech Inc. ("Immersive Tech", or the "Company") (CSE:VRAI) (FSE:79W) (OTCQB:FNTTF), an industry leader in Social Entertainment, AI, VR and AR content and experiences, is pleased to share a corporate update on the achievements in 2023 and a look forward to goals for 2024.
"Filled with milestones, challenges, and growth, this past year has been a testament to our commitment to our customers, being in the forefront of technology and the ability to withstand the challenges that are taking place all over the world while innovating at the same time," said A Shabeer Sinnalebbe, CEO of XR Immersive.
Business Update
In the six months ended June 30, 2023, the Company wound down its Uncontained business with the final project concluding in the period. The primary focus of XR Immersive has been the Synthesis VR ("SVR") business moving forward.
The Synthesis VR software platform is one of the largest VR out of home entertainment marketplace for games, educational and training experiences worldwide. Synthesis has over 450 VR arcades globally and a market of over 400+ VR games.
- The companies focus is to build leading software and distribution capabilities that will establish its accelerated growth in the fast growing $140 Billion VR/AR market (see PwC market analysis here)
- The SVR software engine provides everything the modern VR arcade and Family Entertainment Center needs to power its VR experiences, a vital component of many locations internationally
- SVR is the only platform that supports Free Roam, Room-Scale, and Android-based tetherless Virtual Reality entertainment, a Gold Standard for VR arcade operators
- SVR provides over 400 Games and other experiences available through its extensive store catalog
- SVR supports over 450 entertainment center clients with locations across Europe, North America, India, South East Asia and Latin America
- SVR software platform manages all guest bookings, payment processing, game licensing which supports multiple billing options such as pay per minute, monthly and a combination of both, selfserve in headset game launcher, membership & player tracking, leaderboards, that include email offers directly targeted to the client and many more client friendly offerings SVR, in addition to the entertainment market, also provides educational content to locations that want to diversify from the entertainment market.
- SVR also provides Education, Training and R&D services in the Enterprise sector
Key Achievements
- Foraying into Game Development: Following the success of Propagation: Top Squad, SynthesisVR partnered with WANADEV STUDIO in developing and launching PROPAGATION: TOP SURVIVORS!
- Local Manager: A state of the art application to simplify management and content licensing
- An agnostic platform that supports Android and Windows VR headsets
- Game Publishing and distribution
- SynthesisVR platform overhaul
- VR Enterprise Training
- VR MDM (Mobile-Device-Management) services for Corporate/Enterprise customers: Currently adapting our services to be offered as SaaS on AWS Marketplace
- AI Powered Creative Agency: building products and content ranging from creating AI influencers to a new pilot film that uses AI to craft its visual effects.
The Virtual Reality (VR) Landscape
The VR location based entertainment industry is in a constant state of flux, evolving at a rapid pace. Technological advancements played a pivotal role, with VR hardware reaching new heights of sophistication and accessibility. The introduction of more powerful and user-friendly devices, such as the Meta Quest 3 and advanced HTC and PICO models, provided VR arcades with enhanced capabilities to deliver immersive experiences. There's an unmistakable sense that VR is now aligning with its full potential, poised for widespread adoption among both consumers and businesses.
The newfound ability to enhance throughput in entertainment centers, the advancement in WiFi 6e and 5G technology contributing to reduced latency and improved connectivity, coupled with the opportunity to start a business with minimal investment and technical expertise, has liberated the VR industry from constraints.
Furthermore, the adoption of augmented reality (AR) and mixed reality (MR) elements within VR experiences added a layer of versatility to the technology. This integration allowed for more dynamic and interactive storytelling, offering users a seamless blend of real and virtual elements.
"Apple entering the VR industry with the Apple Vision Pro is a great example of this, how a company of Apple's stature entering the LBVR industry will be a catalyst for innovation, improved user experience and increased adoption which in turn will benefit everyone in the industry," said Sinnalebbe.
Game Development
Following the success of Propagation: Top Squad, SynthesisVR partnered with WANADEVSTUDIO in developing and launching PROPAGATION: TOP SURVIVORS. Propagation: Top Survivors is the Number One played game after the launch in most VR locations. read our blog post here.
After the positive reception of TOP SURVIVORS, we are enthusiastic about continuing our collaboration with developers and partners to create more exciting games and in-house content.
SynthesisVR has also taken full ownership and secured all rights to three popular free roam games and will be continuing development for the following: