Australian real-time software specialist Vection Technologies Ltd (ASX:VR1) reports that a ~$3.2M1 grant between the European Commission and a company-participated consortium for the development of the multidisciplinary Virtual Reality (VR) platform (PrismArch) has been executed.
PrismArch aims to develop a multi-discipline Virtual Reality software that will enable architects and structural, mechanical, electrical and piping engineers to collaborate and jointly decide, preview and assess the outcome of their decisions in a Virtual Reality universal software solution.
Through PrismArch, designers, architects and engineers will be able to experience, in real-time, how their decisions affect both their own and other disciplines via a discipline-specific and personalized point of view.
Managing Director, Gianmarco Biagi, said Vection will develop the novel VR component in the PrismArch project including the design of the interface between the user and the platform, the seamless integration between all components (e.g., simulations and 3D models) and the implementation of a light cognition load user experience.
The company will use the outcome of this research to include additional Computer Aided Design (CAD), Computer Aided Engineering (CAE) and Building Information Modelling (BIM) software into its real-time Mindesk software and increase the overall quality and performance of its user experience, while providing for stronger commercial opportunities.
Mr Biagi said Vection will own all newly developed expertise, knowledge and technologies it develops, pursuant to the Grant and the Consortium agreements’ terms and conditions.
The company will receive initial grant funding in October of $500,000, which is being made under the E.U.’s “Horizon” programme. Horizon 2020 is the biggest EU Research and Innovation programme ever with nearly €80 billion of funding available over seven years (2014 to 2020). The funding is part of the Innovation Union, a Europe 2020 flagship initiative aimed at securing Europe’s global competitiveness.
The execution of the grant agreement with the European Commission represents the achievement of a further milestone in the Company’s overarching smart capital strategy to ensure a robust framework for future growth,” Mr Biagi said.
“This grant will enable the company to pursue, at no additional cost, novel commercial opportunities in the AEC market segment through the integration of its Mindesk software with industry-leading CAD, CAE and BIM software.”