Virtual Reality (VR) edtech startup iXRLabs has raised $0.8 million in a seed round led by an angel investor from the infrastructure development industry.
The funding will be used for scaling up the product, as per iXRLabs’ statement.
The Gurugram-based company provides VR educational modules in engineering, medicine, and sciences to universities and colleges. Currently, iXRLabs is deployed at 20 institutions, and plans to scale it to over 200 institutes in the coming financial year. The company claims to have worked with institutions such as IITs, IIMs, NIDs, and organizations such as KPMG, L&T, PwC, E&Y, Adani Group, and others.
The startup plans to further develop its virtual lab by developing more than 500 VR modules across the domains it operates. It also plans on building advanced analytics within the product to drive measurable outcomes among students.
“iXRLabs VR platform allows students to conduct experiments inside a virtual lab, visit various industrial tours, visualize the processes, and explore life-size industrial equipment, at a fraction of the cost and from the safety of the classrooms.” said, Nihar Madkaiker, co-founder of iXRLabs.
“We are aiming to take the product to over 1000 colleges and reach to over a million students.” Said Madkaiker while commenting on the future plans of the company.
The company uses realistic models in a 3D environment, combining them with in-built assessments to ensure better and faster learning. iXR labs run across VR headsets, PCs, and web platforms. It also brings Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), and Gamification into one space.
The edtech sector is currently facing a significant crisis with mass layoffs post re-opening of schools and colleges. Byju's plans to let go of around 2,500 employees as they aim for profitability by March 2023. Unacademy as well fired more than 1,200 employees in multiple rounds in 2022, the latest being in November. Vedantu in its recent rounds of firings has laid off 385 employees or 11.6% of its workforce.
However, some edtech startups have managed to raise funds, albeit of smaller value. Uolo has raised $22.5 million in its Series A funding round. B2B edtech startup AntWalk raised $7.5 million in its Series A round.
