ASX virtual reality stock Vection now a 10-bagger with Facebook tie-up
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Vection (ASX:VR1), the ASX’s only virtual reality stock, capped off a 10-fold rise in six months after joining a major Facebook program.
The company’s Mindesk North American division is joining the Independent Software Vendor (ISV) program run by Oculus.
Mindesk is a 3D design platform helping engineers design projects using VR and was only acquired by Vection in March this year.
Oculus meanwhile is a Facebook subsidiary that makes VR headsets for video gaming.
Facebook bought Oculus in 2014 for $2bn just two years after Oculus was founded. Facebook founder Mark Zukerberg made the acquisition betting virtual reality would explode in the years ahead.
The ISV program, launched only last year, is aimed at helping VR companies accelerate adoption of their products.
It offers technical expertise and feedback as well as helps with the implementation of go-to-market and scaling strategies.
And the program doesn’t just accept anyone, it requires deployment of commercial solutions, including with at least one customer in Forbes Magazine’s ranking of the world’s largest 2000 companies.
Vection says the program will live up to its promise in accelerating virtual reality adoption.
Managing director Gianmarco Biagi said the deal represented “our strong intention to establish a long-term presence in the United States market”.
The ASX virtual reality stock also announced today that the latest version of Mindex was officially on the market now.
Vection said this edition had new features helping teams collaborate on the same commercial project through multi-user VR sessions.
Shares sat at 1.6c just six months ago but are now over 10 times higher at 17c. This morning shares surged 30 per cent.