The funding was led by Connecticut-based United Rentals and Silicon Valley-based construction tech venture firm Brick and Mortar Ventures. Serious Labs also secured over $4.4 million in new product development contracts to augment SLI’s suite of Virtual Reality (VR) equipment simulators.
“With our unique business model of working with industry domain experts, we have attracted the attention of many global companies looking to take their training content into the 21st century,” said Jim Colvin, CEO, Serious Labs. “Our technology makes a difference in worker safety and productivity. It’s something that the industry is ready for as the boomers continue to retire and are replaced by the digital millennial workforce that likes to learn by doing rather than sitting in a traditional classroom.”
Serious Labs’ new VR equipment simulators will include additional crane models, forklifts, backhoes, and skid steers. The company’s customer base is primarily found in the construction, mining, plant and maintenance, and oil and gas industries.
“This investment underscores our commitment to driving positive change in our industry through innovation,” said Jeffery Fenton, Senior Vice President of Business Development with United Rentals. “Virtual reality and other technology-rich techniques can help our customers work more safely and with greater productivity—for example, VR simulation offers hands-on training that mirrors the operator experience on a construction or industrial site, and delivers it in a safe and controlled environment. We are pleased to support Serious Labs in its exploration of new immersive learning technologies.”