Virtual reality firm聽Immotion is looking to raise 拢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 拢588,000 guaranteed.
VR聽revenue in 2018 exceeded 拢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 拢224,000.
There is also a distribution agreement with Crown Leisure, the UK鈥檚 largest distributor of entertainment machines.
鈥淥ur mantra has always been; 鈥楾est, Roll-Out鈥� 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,鈥� said Immotion Group CEO Martin Higginson.
鈥淓ndorsement from Merlin, one of the largest entertainment operators in the world, underpins our belief and confidence in our business model.
鈥淭he commercial success of our recent trials, which are being converted into long-term agreements, has shown our ability to deliver revenue for our partners.
鈥淭his, 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.
鈥淲e 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.鈥�