Vection Technologies is on the VR fast track with Microsoft deal
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Vection Technologies (ASX:VR1) shares have surged again after announcing it won acceptance into another virtual reality development program — this time with Microsoft and Autodesk.
Autodesk is a US software company which makes Building Information Modelling (BIM) software for professionals.
It runs a program called the Global Outsight Network Residency Program and Microsoft’s mixed reality team is a cornerstone participant. The pair partner with VR companies with solutions for architecture, engineering and construction (AEC) manufacturing.
Autodesk says accepted companies are provided with, among other things, access to and training on state-of-the-art fabrication equipment (including Microsoft’s HoloLens VR glasses) and networking opportunities.
As part of this, Vection’s Mindesk platform, which helps engineers design projects using VR, will be integrated with Hololens.
Mindesk was only acquired by Vection in March this year but has paid substantial dividends in recent days.
Earlier this week, the company joined a program run by Facebook-owned Oculus, which makes VR headsets aiming to accelerate the path of VR products to market.
Vection said today’s move was a “cornerstone evolution of the platform”.
This is because it can now tap into the user base of Autodesk’s Revit software. Revit possesses an 11 million user base and is consequently the most adopted BIM program in the AEC industry.
Vection CEO Gabriele Sorrento explained the partnership would also help keep existing customers happy.
“Mindesk customers have been waiting for virtual and augmented reality to be natively integrated with their preferred BIM software,” he explained.
“This development consolidates the ongoing relation with existing customers as it unlocks the synergic use of Rhinoceros and Revit into an immersive and collaborative workspace.”
Shares rose above 20c in intraday trade this morning. This pushed Vection’s six-month rise over 1150 per cent, up from just 1.6c.