Industrial virtual and augmented reality technology provider Vection Technologies plans to buy US-based VR product design platform Mindesk for an undisclosed sum, enabling consumer electronics producer HTC to exit.
The acquisition will involve Vection issuing 165 million shares to Mindesk’s investors, according to The Market Herald, which would size the deal at approximately $2.2m as of this week. The shares will be escrowed for 12 months.
Founded in 2015, Mindesk has created a software platform that enables product designers to switch from standard computers to virtual or augmented reality displays while viewing their projects.
Vection will use the acquisition to facilitate wholly VR-based product design while expanding its foothold in architecture, engineering and construction.
Mindesk raised $900,000 in a March 2019 seed round featuring HTC Vive, the VR arm of HTC, as well as Barcamper Ventures, A11 Venture and Invitalia Ventures. The latter two had contributed to a $730,000 seed round alongside unnamed investors in 2017.