INSUBCONTINENT EXCLUSIVE:
It turns out the virtual and augmented reality companies aren''t dead — as long as they focus on the enterprise
That what the Los Angeles-based extended reality technology developer Talespin did — and it just raised $15 million to grow its
business.
Traditional venture capitalists may have made it rain on expensive Hollywood studios that were promising virtual reality would be
the future of entertainment and social networking (given coronavirus fears, it may yet be), but Talespin and others like it are focused on
Specifically, making talent management, training and hiring easier for employers in certain industries.
For Talespin, the areas that were
the most promising were ones that aren''t obvious to a casual observer
Insurance and virtual reality are hardly synonymous, but Talespin training tools have helped claims assessors do their jobs and helped train
a new generation of insurance investigators in what to look for when they&re trying to determine how much their companies are going to pay
out.
Talespinlsquo;s immersive platform has transformed employee learning and proven to be an impactful addition to our training programs
We&re honored to continue to support the Talespin team through this next phase of growth and development,& said Scott Lindquist, Chief
Financial Officer at Farmers Insurance, in a statement.
Farmers is an investor in Talespin, as is the corporate training and talent
management software provider Cornerstone OnDemand, and the hardware manufacturer HTC
The round composition speaks to the emerging confidence of corporate investors and just how skeptical traditional venture firms have become
of the prospects for virtual reality.
The prospects of augmented and virtual reality may be uncertain, but what definite is the need for new
tools and technologies to transfer knowledge and train up employees as skilled, experienced workers age out of the workforce — and the
development of new skills becomes critically important as technology changes the workplace.
Cornerstone, which led the Talespin Series B
round, will also be partnering with the company to develop human resources training tools in virtual reality.
We share Talespin vision that
the workforce needs innovative solutions to stay competitive, maximize opportunity and increase employee satisfaction,& said Jason Gold,
Vice President of Finance, Corporate Development and Investor Relations at Cornerstone, in a statement
&We&ve been incredibly impressed with Talespin technology, leadership team and vision to transform the workplace through XR
Talespin technology is a perfect fit in our suite of products, and we look forward to working together to deliver great solutions for our
customers.
Talespin previously raised $5 million in financing
The company initially grew its business by developing a number of one-off projects for eventual customers as it determined a product
Part of the company success has relied in its ability to use game engine and animation instead of 360 degree video
That means assets can be reused multiple times and across different training modules.
Creating better alignment between skills and
opportunities is the key to solving the reskilling challenges organizations across the world are facing,& said Kyle Jackson, CEO and
Co-Founder of Talespin, in a statement
&That why it critical companies find a way to provide accelerated, continuous learning and create better skills data
By doing so, we will open up career pathways for individuals that are better aligned to their natural abilities and learned skills, and
enable companies to implement a skills-based approach to talent development, assessment, and placement
Our new funding and partnership with Cornerstone will allow us to expand our product offerings to achieve these goals, and to continue
building innovative solutions that redefine what work looks like in the future.
