Eon Reality, an augmented and virtual reality software company based in Irvine that has plans for going public later this year, has launched a new tool for users in education, business and numerous other areas.
The company’s latest innovation, Metaverse Builder, aids the use of the growing immersive and interactive environment created by a network of 3D virtual technology.
The term “metaverse” generally refers to the concept of a highly immersive virtual world where people gather to socialize, play and work.
Metaverse Builder lets users easily create virtual laboratories, classrooms, museums, factories, parks, and archaeological sites with multiple 3D objects, each featuring a full slate of activities, knowledge portals, assessments and more.
Eon Reality says Metaverse Builder makes the technology of virtual and augmented reality creation available, accessible, and affordable for everyone.
Pricing details for Metaverse Builder will be announced later this month, according to a company spokesperson.
Easy Adaption
Chief Executive Dan Lejerskar told the Business Journal on June 29 that users can get the hang of the new offering “in just a few minutes” without pre-existing knowledge of XR (extended reality) technology.
He said they can create advanced learning, training, and performing operations “that can be deployed on any type of device remotely, as well as advanced complex metaverse worlds for knowledge transfer.”
He said Metaverse Builder is aimed at all the markets that have engagements in knowledge transfer, especially education, as well as usage in manufacturing, transportation, the energy sector, health science, and cultural tourism.
The announcement of the Metaverse Builder took place on the final day of the company’s annual Eon Experience Fest event—the first held in person since 2019— in Évora, Portugal.
SPAC Plans
The company said last month it plans to move forward with its planned public listing via a reverse merger with Arogo Capital Acquisition Corp., a Florida-based special purpose acquisition company, or SPAC, but did not give a specific time frame.
Eon initially announced plans for the public listing in April, but has yet to file detailed financial statements pertaining to the transaction.
Arogo affirmed late last month that it intends to file relevant materials with the Securities and Exchange Commission, including a proxy statement and prospectus, in order to move the transaction ahead.
Lejerskar declined to comment further on the plans to go public.
Instead, he referred to an April 26 news release that said Arogo and Eon Reality are aiming to complete the merger in the second half of this year, subject to conditions.
The April release also said that “the transaction implies a proforma company enterprise value of approximately $655 million” for Eon.
The transaction is expected to provide Eon Reality with about $101 million in cash proceeds to its balance sheet, which will be used to expand the company’s base of operations.
1.1M Licensed Users
The company has offices around the world and a network of more than 1.1 million licensed users.
Clients include the Palestinian An-Najah National University, the Children’s Hospital of Orange County, Los Angeles City College, Central University of Technology in South Africa, Babes-Bolyai University in Romania, and Assam Electronics Development Corp. in India.
“EON Reality has consistently operated cashflow positively since its inception without any investment requirements, and we expect to be significantly profitable in 2022 also,” a company spokesperson said.
In another sign of the growing popularity of the metaverse in educational settings, ViewSonic Corp., a maker of monitors, projectors and other technology often used in classrooms, in Brea last month showcased its Universe offering at the ISTELive 22 EdTech (educational technology) Conference in New Orleans. Universe provides an immersive 3D virtual environment for education and facilitates interactive experiences for students and teachers.
