CEO, EON REALITY, IRVINE
Company is the creator of what it calls the “Knowledge Metaverse”; its augmented reality (AR) and virtual reality (VR) software is used in a variety of educational and business applications. Eon Reality specializes in what is known as “extended reality,” or XR, which lets people use electronic devices to visualize objects ranging from the parts of the human heart to component pieces of jet engines with full three-dimensional effect. XR is essentially the combination of virtual reality and augmented reality.
THEN: Launched in 1999, Eon Reality has built up a network of more than 1.1 million licensed users, and counts a base of offices that span the globe. The company says it has created “the world’s leading XR library for education and industry,” with over 2.1 million 3D assets as of March. The company has pivoted in the past two or three years more toward education, while retaining a full roster of business clients, Lejerskar told the Business Journal last year.
NOW: Said in April it would go public via a reverse merger with a Florida-based Special Purpose Acquisition Company, or SPAC, Arogo Capital Acquisition Corp. (Nasdaq: AOGO). The merger agreement implies a pro forma company enterprise value of about $655M for Eon Reality, according to the company.
FUTURE: The transaction will provide Eon Reality with over $100M in cash for its balance sheet, which is expected to be used to expand the company’s base of operations.
IN THEIR WORDS: The CEO, who will remain in charge of the public company after the reverse merger is completed, said his goal with the company is to “democratize extended reality, not to make it special.”
