Virtual reality firm Immotion is looking to raise £3 million with an additional placing on the stock market to accelerate its growth plans.
Immotion, based at Salford Quays, has agreed a deal to provide immersive experiences at Lego Discovery and SeaLife Centres following a successful trial.
More than 200 additional headsets are expected to be installed through 2019 following the agreement of a 15-month licence deal across 12 locations, with a minimum annual revenue of £588,000 guaranteed.
VR revenue in 2018 exceeded £1m with 106 ImmotionVR headsets now installed at ten locations in the UK, with 46 concession headsets in operation at seven locations.
It has also signed a contract in the Chinese market, which will guarantee minimum revenue of £224,000.
There is also a distribution agreement with Crown Leisure, the UK’s largest distributor of entertainment machines.
“Our mantra has always been; ‘Test, Roll-Out’ and the extension of the Merlin relationship to cover the majority of Lego Discovery Centres, along with trials in three Sea Life Centres, is a significant milestone for the Company,” said Immotion Group CEO Martin Higginson.
“Endorsement from Merlin, one of the largest entertainment operators in the world, underpins our belief and confidence in our business model.
“The commercial success of our recent trials, which are being converted into long-term agreements, has shown our ability to deliver revenue for our partners.
“This, together with the positive feedback from the paying public and the discussions we are having with shopping malls and leisure operators around the world, demonstrates that there is a growing demand for our superior out of home immersive experiences.
“We believe we are well placed to take advantage of the opportunities ahead of us, and remain extremely confident that Immotion Group is set to become the leading out of home immersive VR operator in the world.”