Brisbane business set to change the world of Virtual Reality forever
13 July 2018
Queensland Government:
A
Brisbane tech company has developed a system
that’s tipped to revolutionise the world of
virtual reality, following a
grant from the Palaszczuk Government.
Immersive Robotics has developed an algorithm for better compressing and
wirelessly transmitting
data in
augmented reality and virtual reality
experiences, putting it at the centre of the next generation of digital
experiences in fields such as entertainment, education and electronic
commerce.
Innovation Minister Kate Jones said Immersive Robotics Pty Ltd (IMR)
received $100,000 from the Advance
Queensland Ignite Ideas Fund in 2016 to help refine its wireless
virtual reality (VR)
technology and demonstrate the system to major corporations.
“Immersive Robotics is at the forefront of wireless virtual reality data
streaming and I’m proud that the Palaszczuk Government seized the
opportunity to support them when they needed it most,” Ms Jones said.
“This company is one of the largest employers in Queensland’s emerging
VR industry and a recognised global innovator. Their project has
directly contributed to the creation of six new jobs since 2016, with
the company continuing to grow to its current size of 23 employees.
“This is exactly what Advance Queensland is all about. We’re investing
in growth industries to create sustainable jobs for Queenslanders.
“In the last three years, we’ve created 11,300 jobs through Advance
Queensland – that’s 300 jobs in the last six months alone.”
IMR co-founder Tim Lucas said knowing the Queensland Government backed
IMR was extremely important as a startup.
“The Advance Queensland Ignite Ideas grant gave IMR a funding boost
early on at a critical juncture and allowed us as founders, to build
value in the company and not give away too much equity at a time when
the valuation was lower,” Mr Lucas said.
“This got us to the point where we had more commercial interest and
greater investment potential, in turn allowing IMR to grow quicker and
hire more employees.”
Mr Lucas said IMR’s proprietary algorithm had been designed to become
the standard in VR data compression and transmission.
“We live in exciting times when it comes to connectivity and computing
technology, with Augment Reality (AR) and VR being one of the chief
drivers,” Mr Lucas said.
Mr Lucas said advances with network speed through developments, such as
the next-generation 5G mobile networks, would provide the
environment for AR and VR technologies to rapidly change how people
compute and interact with technology.
“Instead of a web page buffering data behind a flat screen, data will be
streamed in a way that people will navigate through a 3-dimensional
space using VR and AR.
“Cyberspace will become a place you can touch,” he said.
“This cutting edge connectivity also lends itself to real-time streaming
to phones, TVs and other devices. IMR is engaging opportunities to make
our compression and streaming technology the de-facto standard.
“We are well positioned to take advantage of 5G to connect these devices
faster than anything seen before.”
IMR co-founder Daniel Fitzgerald said: "Solving the issues related to
streaming to next-generation VR head-mounted displays and AR glasses,
will place IMR at the forefront of VR and AR technology worldwide and
result in immediate commercial applications in various commercial
sectors already being discussed."
Innovation Minister Kate Jones said the Palaszczuk Government had now
supported more than 200 Queensland businesses with $26.5 million in
funding through three rounds of the Ignite Ideas Fund, driving more than
1000 new jobs in the process.
“This government is providing these innovative businesses with
opportunities to take their amazing ideas to new levels and new
markets.”
Ignite Ideas is a merit-based, competitive fund aimed at assisting
innovative small-to-medium Queensland businesses with the
commercialisation of their new, market ready products or services.
It is part of the Palaszczuk Government’s $650 million Advance
Queensland initiative designed to stimulate the economy and create jobs.
--ENDS--
Source: Queensland Government - www.statements.qld.gov.au
Contact: Media contact: 0419 620 447
External Links: (http://advance.qld.gov.au/industry/ignite-ideas-fund.aspx)
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