Tern Plc (LON:TERN), the investment company specialising in the Internet of Things, has announced that its portfolio company, FVRVS Limited (“FundamentalVR”), has secured a further £0.4 million contract with an existing client, one of the world’s leading pharmaceutical companies, to support training and adoption of its Ocular Gene Therapy product.
The contract covers ongoing repeat licences and support to continue the global rollout of the Client’s virtual reality training solution, built by FundamentalVR. The rollout of the virtual reality simulation is intended to deliver the Client’s ambitions to accelerate the safe and compliant use of its products. The Client will harness FundamentalVR’s unique HapticVR technology, combining real life medical devices with virtual “digital twins” of those devices, allowing surgeons to interact with virtual patient tissue.
FundamentalVR’s award winning platform combines immersive virtual reality with cutting-edge haptics (the sense of touch, weight, pressure and resistance) to create low-cost, measurable and scalable simulation experiences to accelerate medical product and procedural safe, compliant adoption. The platform allows its users to participate in safe, remote and multiuser skills training which is becoming increasingly important in light of Covid-19.
Commenting Al Sisto, CEO of Tern plc, said: “We are delighted that FundamentalVR has secured its third significant contract in the space of a week. FundamentalVR’s virtual reality training solutions are gaining real traction in the market and are addressing a need that has been brought into strong focus by the Covid-19 pandemic.
“Our other portfolio companies are also making good progress and we look forward to announcing further significant developments in due course.”