Oxford Metrics on Friday announced that its subsidiary Vicon has agreed a strategic partnership with Sandbox VR which will target the “fast-growing” Location-based Virtual Reality ('LBVR') market.
The partnership has seen Sandbox agree to initially purchase a total of five systems from Vicon, two of which will be used at its existing locations in Hong Kong, upgrading their current solution, while there is the opportunity to scale the partnership over time ass Sandbox continues to expand into new locations.
The AIM-traded company said that Sandbox's latest experience, Amber Sky 2088, will be powered by Vicon Evoke, part of Vicon's Origin offering.
Chief executive Nick Bolton said: “As part of our strategy for Vicon, we want to make targeted investments to extend our capability into adjacent markets. LBVR is one of those new, fast-growing markets – experiences are launching all over the world and Sandbox VR are at the vanguard of this movement. We're proud to have signed this agreement. It is an exciting opportunity for two market leaders to partner together and shape the future of VR entertainment.”
LBVR is an emerging form of entertainment where participants share collective VR experiences in a specific location, such as a shopping mall, cinema, theme-park or museum.
In these experiences, which Vicon makes movement tracking technology for, users are free to walk and play within a virtual world and interact with each other.
Sandbox CEO Steve Zhao said: “We are hoping to open 40 experience rooms across 12 new locations around the world. To support that expansion, we needed more than just a motion capture vendor, we needed a partner that can work closely with our product team. Vicon's system is accurate, scalable and flexible – but most importantly, the team are able to work with us to tailor each experience as we continue to grow. We are creating some of the most advanced VR experiences on the planet and we need a partner developing cutting edge technology if we are to stay ahead.”
Oxford Metrics shares were up 3.42% at 85.84p at 0926 GMT.