Vection Technologies, a provider of extended reality (XR), has reported outstanding financial performance in its preliminary (unaudited) results for FY23, with a 39% increase in sales to $26 million, in line with full year forecasts.
Additionally, the company recently debuted 3DFrame, a mixed reality application running on Apple’s macOS and powered by ChatGPT, allowing businesses to improve their immersive product presentations and training experiences in 3D and VR.
The possibilities are almost limitless; the company is even assisting the European Space Agency with the creation of a hypersonic aircraft prototype by using the 3DFrame platform.
Even VR1 has a relationship with Bedshed that has the potential to revolutionize how businesses use XR to present their product selection.
A 47% increase in total contract value
Total Contract Value (TCV) was $28 million, up 47% from FY22. The company attributed this increase to its ability to constantly grow its clientele and land lucrative contracts.
Tech in XR and AI is growing popularity.
According to Vection MD Gianmarco Biagi, “the combined implementation of traditional technologies, XR, and AI is rapidly gaining traction across various industries.”
“The fusion of these technologies will increase operational effectiveness and provide opportunities for cost reductions.
“Our clients continue to place a high value on our portfolio of INTEGRATEDXR technologies.
We expect that strengthening our connections and fostering strategic alliances will have a positive effect on our profit margins.
According to Biagi, integrated XR technologies have become a major player in the developing market.
“Major market-leading enterprises are increasingly adopting these transformative technologies, particularly in sectors like CAD, ERP, CRM, and more,” he said. As a result, there has been tremendous expansion and international investment in the industrial sector.
“The company managed to achieve a successful result despite the challenging global economy with rising interest rates, inflation, and conflicts, which is even more amazing considering we’re in the early stages of market adoption in an emerging market,” the company said.
Expansion through careful acquisitions
With partners like Accenture and Cisco Webex, Biagi said the company prioritized its strategic partner relationships with a focus on technology, client engagement, and value generation for customers.
Additionally, revolutionary technologies like ChatGPT have sparked disruptive innovation in our business, said Biagi.
“As a result, we have given our technology team the freedom to create at the nexus of ICT, 3D, and AI.
“This fusion places us at the forefront of the industry’s evolution and gives our clients clear advantages.”
Biagi acknowledges the need for strategic investments to “gain a competitive advantage, foster international expansion through both existing partnerships and new collaborations, as well as facilitate selective acquisitions” while Vection is evaluating and optimizing its business cost structure.
The business has signed a contract to acquire 3D technology firm MYR S.r.l. (MYR), which it claims is revolutionizing the design and clothing sector.
The acquisition of Invrsion, a digital company that creates 3D and mixed reality solutions for the fashion, retail, consumer goods, and real estate industries, took place just a few weeks prior.
“Our strategy positions us as a global contender, mitigating business risks and reinforcing our market presence,” Biagi added. “We do this by combining organic growth and selective acquisitions.”
expanding market footprint in the USA and Europe
In order to increase our market position in Europe, the USA, Australia, and ultimately the Asian market, Biagi added, “Vection Technologies’ approach boosts us onto a road of continual expansion.