Virti, a British startup that employs XR, artificial intelligence and gamification to help employees learn faster and remember training for longer, has secured $10 million in a Series A funding round led by IQ Capital.
"On-the-job training can be serendipitous, with the learning experience varying significantly depending on where you are, what day it is, and who is training you. Soft skills also tend to be subjectively assessed in most settings," Dr. Alexander Young, founder and CEO of Virti, said.
“We’re providing the tools to help organizations create and distribute evidence-based training, which can be standardized and scaled across organizations and geographies.”
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Dr. Young, a former NHS trauma and orthopedic surgeon, established the firm in 2018. The platform his company built has a cloud-based, no-code simulation creation suite that allows organizations to build their own training modules to analyze employee performance through computer-vision AI and Natural Language Processing (NLP).
Simulations can be deployed via mobile devices, desktops, and VR headsets, with deep learning used to analyze and measure performances and provide trainees with feedback on their results.
Virti has seen global deployments in healthcare settings, as well as in universities, corporates, and public sector organizations to teach soft skills, from crisis management to mindfulness.
The startup was named one of TIME’s best inventions of 2020 and was among Fast Company’s most innovative companies of 2021.
The pandemic has proved a boon for the San Mateo firm – with its revenue increasing by a staggering 978 percent. The need to rapidly train and upscale medical staff due to intense workloads was cited by the startup as a leading factor behind its impressive growth.
Virti’s deep learning technology reportedly improved training outcomes by up to 230 percent during the pandemic, the company said, by turning traditionally subjectively assessed skills, like communication and teamwork, into objective and measurable data to improve performance.
"We are privileged to lead this highly competitive round and partner with [Dr. Young] and his super-talented team to deliver on this exceptional growth opportunity," Max Bautin, managing partner at IQ Capital, said.