Inflight VR completes year one, gains new financing
Inflight VR announced it has rounded out its first year in operation with eight customers and passenger feedback of more than 95% positive sentiment among users.
Inflight VR successfully closed its largest equity financing round to date, resulting in an overall total of over €4 million (US$4.5 million) raised.
“The funds are intended to support further roll outs with multiple clients across different industries and use cases and to generate valuable data about content performance, user behavior and business models,” said a release from the company.
The funds origin is existing shareholders, Venture Capital firms such as Motu Ventures and CBC Investments. They were joined by new investors such as Stefan Lauer, a former Executive Board Member of Lufthansa and Dr. Carsten Berrar, Partner at Sullivan & Cromwell and winner of the 2018 Transatlantic Dealmaker of the Year Award.
Inflight VR also filled the crucial position of a Chief Marketing Officer with Matthias Walther, who brings two decades of strategy, business development and communications experience at Panasonic Avionics, Collins Aerospace, Lufthansa and Condor to the company.
“We believe in the tremendous opportunities VR provides for companies such as airlines or bus operators who push the envelope of their customers’ travel experience. From the beginning, we focused on a multi-dimensional ROI for our customers seeing VR as a business solution.” said Moritz Engler, Co- Founder and Chief Executive Officer of Inflight VR, in today’s release.
Lounge operators like Aviapartner and Star Alliance, airlines such as Iberia, Jin Air, Singapore Airlines, SunExpress or EL AL and Europe’s largest long-distance bus service provider FlixBus have been early adopters of a technology that is on the verge of mainstream adoption.