Vection flags new plans to bring VR to the arts
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Software company Vection Technologies (ASX:VR1) wants to bring virtual reality to the world of fine arts.
The company said it’s signed a framework agreement with Italian company Poetronicart Srl for a new pilot program.
The aim of the partnership is to “introduce virtual reality, augmented reality and real-time presentation technologies within the
Shares in VR1 traded flat at the opening bell near 12c, having traded in a narrow range since early November.
That followed a torrid rally into early October, where a run of positive news flow saw the stock reach 10-bagger status with a 2020 high of around 18c.
VR1 said it aims to roll out the pilot version of its program with Poetronicart in the first quarter of next year.
The company said its new partnership has the capacity to generate up-front revenue of “up to around $160,000”.
If Poetronicart can on-sell the new technology, VR1 will also be eligible to receive 15 per cent of net sales.
On Poetronicart’s website, the organisation describes itself as a “Village” with the aim of creating an integrated platform which provides creative spaces, training courses, a virtual e-store and crowdfunding options.
CEO Giovanni Abelli said the deal with VR1 is part of the company’s strategy to leverage digital technologies for the purpose of sharing ideas.
Vection MD Gianmarco Biagi added that the pandemic has accelerated the shift towards digital solutions for more traditional sectors, such as the arts.
“Virtual and augmented reality technologies represent a significant opportunity for art/cultural operators to unlock new business tools to reach visitors, customers and people,” Biagi said.
“Poetronicart is the ideal partner to accelerate our strategy in this sector, with deep knowledge and commercial reach to bring to market new innovative business models.”
Vection’s business networks include a strong base in Italy. The company’s $6m share placement in early October included an investment by the Italian government.