Bank of ireland Kernel Capital venture funds
Immersive VR Education Series A IPO
Pilot Photonics
From Left: Orla Rimmington, Partner, Kernel Capital; Seamus Larrissey, Chief Financial Officer, IVRE; David Whelan, CEO, IVRE; Sandra Whelan, COO, IVRE; Barry Downes, Managing Partner, Suir Valley Ventures and Helen McAuliffe, Development Advisor, Enterprise Ireland.
3rd April 2018

Kernel Capital confirm that Immersive VR Education Ltd (IVRE) has completed a €6.7m series A IPO, through listing on ISE Enterprise Securities Market (ESM) and the LSE Alternative Investment Market (AIM). The listing represents the first IPO for an Irish technology company on the ESM since its inception in 2005. Established in 2014 by David and Sandra Whelan, IVRE develops virtual reality (VR) software for educational and corporate training. In 2017 The Bank of Ireland Kernel Capital Venture Funds, Suir Valley Ventures and Enterprise Ireland led a €1.2m investment into the Company. IVRE has partnerships with Oxford University, the Royal College of Surgeons Ireland, and the BBC. The Company will use the €6.7m investment to further develop its virtual social learning and presentation platform ENGAGE, to fuel its global marketing strategy and produce new content.

"We are attracting some of the best AR / VR developers in the world and the heightened exposure of the IPO will makes us increasingly attractive to international talent, enhance our profile in capital markets and provides a structured route to further financing, as VR Education Holdings consolidates its position as a global leader in VR education" David Whelan, CEO, IVRE.

“David and Sandra are dynamic promoters, fast learners and consistently delivering on the goals they set for IVRE, its team and themselves” Orla Rimmington, Partner, Kernel Capital.

About IVRE www.immersivevreducation.com

IVRE are a virtual/augmented reality software company dedicated to transforming how educational content is delivered and consumed globally by providing educators the tools they need to create their own content in virtual classrooms or virtual training environments.

Since inception in October 2014, IVRE have released a range of educational experiences and won many international awards for their educational software. VR / AR is an emerging industry and the benefits of this technology both inside and outside the classroom and other training environments are only now being discovered. The Company’s vision for the future is to see virtual and augmented reality become a staple tool for education and training. IVRE strive to produce quality learning experiences that demonstrate this.

Their technical development team is made up of exceptional individuals who have a wealth of industry knowledge lead by a visionary multi award winning VR director/producer who is passionate about education and technology. IVRE has gained a reputation for delivering outstanding virtual experiences over its short history and this has allowed the company to work with educators from Oxford University, New Haven University, The Royal College of Surgeons and corporations such as the BBC.

About Kernel Capital www.kernel-capital.com

Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Venture Funds, comprising of £165m / €210m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital's element in the region £0.5m to £2m in NI and of €1m to €5m in the ROI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI's investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.
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