ETU has secured investment from Mission Springs Ventures and Pacific Lake Partners and other private investors to provide immersive learning technologies that will help to upskill workers across the globe.
The initiative is connected to Trinty College Dublin and the SFI ADAPT Centre and was founded by Dr Declan Dagger, Dr Vincent Wade, Prof Michael Gill and Dr Brian Fitzmaurice. They saw the potential of immersive simulation for people and the group sought to transform the way learning was delivered in corporate settings.
According to the World Economic Forum, 50% of all employees will need reskilling by 2025 as traditional virtual learning methods are contributing to employee fatigue and do not provide the opportunities to develop skills needed in the workplace of the future.
The business doubled its annual revenue in 2021 and is on track to double revenue again in 2022 and clients of the company include PwC, IBM and Microsoft. ETU has also seen growth within the company with its workforce increasing four-fold in the past two and a half years and the platform crossing the threshold of 1 million users worldwide.
According to the company, the investment will fuel growth in ETU with the additional funds focused on creating a customer value experience.
In Association with
As part of the transaction, Ms. Katie Laidlaw, leader of Mission Springs, will become CEO of the business while ETU’s co-founder, Dr Declan Dagger, will continue in his role as Chief Operating Officer.
“It’s with tremendous optimism that I join ETU and lead it into the next phase of growth. There is so much opportunity in front of this team and product. I am excited to serve the growing needs of our customers and the broader market,” said CEO, Katie Laidlaw.
COO, Dr Declan Dagger spoke about the cutting-edge research in the company: “The company is built on leading-edge research from Trinity College Dublin and our growth has been supported by Enterprise Ireland. That growth trajectory will continue with the new investment. Katie Laidlaw’s business acumen and keen leadership style is the perfect combination to lead ETU forward."
The SFI ADAPT Centre, who are working with ETU on this project, bring together partner institutions from across Ireland with the vision of creating proactive, scalable, and integrated AI-driven Digital Content Technology that empower individuals and society to engage in digital experiences.
Professor Vincent Wade, Director of the SFI ADAPT Centre said: “Founded on ground-breaking fundamental research in personalised and immersive learning technologies, the ETU team has constantly pioneered new innovations to be the market leader in this area.”
The company is supported by Enterprise Ireland and their Technology and Service Divisions Manager Jenny Melia added, “Enterprise Ireland is proud to have supported ETU on its growth journey. ETU is a wonderful example of an Irish company making a global impact, as they are now a successful market leader in immersive learning."
