The global VR education market is expected to grow from $6.37 billion in 2021 to $8.66 billion in 2022 at a compound annual growth rate (CAGR) of 36 percent, according to a recent report.
One company that would like to play a major role in it is e-learning VR startup GeniusX, which has just announced the closing of $1.68M in seed funding at a $20M market cap.
Founded by Nick Janicki, Lyle Maxson, and Joe Polish, the indie development studio is on a mission to create experiences that have utility, longevity, and uplift the human spirit.
One such experience is Retreat, which Nick Janicki describes as an immersive hero’s journey for tangible real-world skills. If that sounds too cryptic to you, then you can think of Retreat as a social VR platform where educational influencers can meet with those who would like to learn from them.
“Retreat is a virtual reality education application that creates interactive immersive learning experiences with the world’s top experts in the Metaverse,” explains GeniusX in its press release. “With photo-realistic backgrounds and real-life videos of educators, students get to choose their own virtual reality adventure through interactive learning worlds, customized group classrooms, and exquisite immersive environments.”
The immersive courses that are currently being created in Retreat include everything from yoga to breath work to art therapy to professional development, and the platform’s production is fully booked through 2022.
According to the PwC VR Soft Skills Training Efficacy study, students in VR classes can be trained up to 4 times faster and are 3.75 times more emotionally connected to content than in the classroom setting. For these and other reasons, many people believe that virtual reality and platforms like Retreat are the future of education.