Gurgaon, 12th December 2022 : iXRLabs, a Virtual Reality (VR) ed-tech start-up for higher education, has recently raised USD 800K in seed funding. The round was led by an angel investor from the infrastructure development industry. The funds will be used for scaling up the product.
Gurugram-based iXRLabs provides experiential and immersive VR educational modules in engineering, medicine, and sciences to universities and colleges. The start-up aims to aid higher education by empowering educators to create immersive and engaging learning experiences in the classroom and prepare students for the real-life workplace environment.
By next year, iXRLabs plans to accelerate its virtual lab by developing more than 500+ VR modules across engineering, medical and science domains. iXRLabs would also drive a greater focus on building advanced analytics within the product to drive measurable outcomes among students. iXRLabs currently is deployed at 20 institutions and plans to scale it to over 200 institutes in the coming financial year.
Commenting on the funds raised, Mr. Nihar Madkaiker - Co-Founder of iXRLabs said, “As a mechanical engineer myself, I have seen the gap between theoretical learning and the practical application of the same. Practical lab sessions are often insufficient to bridge this. Moreover, industrial applications and tours are hard to conduct and require significant time and effort to visit. These challenges hamper learning and increase the industry-academia gap 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.”
Talking about further expansion plans Mr. Madkaiker added, “We are aiming to take the product to over 1000 colleges, impact over a million students and be among the leading higher education enablers by the year 2025.”
Commenting on the funding, the investor said, “VR is being increasingly used in organizations to skill the workforce on various industrial applications. Over time we would see the iXRLabs product being deployed for industrial applications particularly, for training the workforce in the infrastructure and manufacturing industry as well in addition to the higher institutions.”
About iXR Labs
iXR Labs is a Gurugram-based ed-tech start-up led by Mr Nihar Madkaiker, who is the Co-founder. Pioneering cutting-edge technology in higher education, the company offers experiences in the fields across engineering branches such as civil, chemical, mechanical and electrical. To improve the efficacy and efficiency of higher education, experts bring Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR) and Gamification into one space. 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. The team of experts at iXR have worked with some of the renowned institutions such as IITs, IIMs, NIDs and organizations such as KPMG, L&T, PwC, E&Y, Adani Group and others.
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