Business moves fast, yet business training has remained painfully slow, anyone who has ever had to undertake job training knows this. As companies worldwide recognize the value of investing in their workforce, optimising their workforce training systems has become key. In comes Virtual Reality (VR) which has changed our training standards massively. Figures reveal that training expenditure per employee has soared to over £800 and training is estimated to contribute to $294 billion to the global economy by 2030, so we do have to focus on this. This technology can truly change the way we train and learn on the job!
Written by: Tanay Sonawane, Varshith Uppalapati, Jonathan Ouyang
Founded in 2016, Moonhub embarked on a mission to reshape the future of training by harnessing the immersive power of VR. Driven by Dami Hastrup, and drawing from his experiences in previous companies, Hastrup recognized the limitations of conventional training practices, often seen as mere box-ticking exercises. Think about it, we have all at some point left mandatory training videos on in the background while focussing on other work! His goal was clear: create a training platform with real depth, one that resonated with learners and offered tangible benefits beyond traditional methods.
Dami, who holds a BA in Business Economics from the University of Leicester, has emerged as a dynamic entrepreneur since his graduation in 2016. Dami's vision has propelled the company to remarkable heights. Backed by substantial investments from familiar faces such as Google and Miles Jacobson OBE, Dami and Moonhub have garnered a prestigious array of accolades, including a place in the 2022 Forbes 30 under 30 cohort. Their outstanding achievements extend to recognition in publications such as Tech Crunch, The BBC, The Evening Standard, Forbes, Sifted, and The Times, showcasing Moonhub significant impact. This impact goes beyond the digital realm, as Moonhub has hosted influential figures from various industries, including Prime Ministers and Chancellors. Dami's participation in the Google Black Founder's Fund underscores his commitment to diversity and innovation, making him a compelling and accomplished figure in the entrepreneurial landscape.
Moreover, Dami's co-founders, Hannah Sutcliffe and Vinh Ly, play pivotal roles in Moonhub's success. Hannah Sutcliffe, the COO and co-founder, holds a degree in Modern Languages with Management from the University of Leicester, and her expertise complements the team's diverse skill set. Meanwhile, Vinh Ly, the CTO and Co-Founder, brings valuable experience from his role as an Assistant Manager at Abercrombie Kids and his education at Royal Holloway, University of London. Together, this dynamic trio forms the backbone of Moonhub's rise, combining the necessary technical knowledge as well as good business acumen and trial record.
Moonhub's primary product is its VR workplace training platform, where the firm creates a 360˚ learning environment. Using this technology, the platform offers immersive, real-life role-play situations, where employees can undertake training in safe and risk-free environments. Moonhub's technology also collects quantitative performance data on dashboards, allowing managers to analyse employees’ actions, thereby making informed decisions.
The uniqueness of Moonhub's lies in its ability to seamlessly integrate with a company's existing Learning Management System (LMS), eliminating the need for costly external partnerships. Their patented 'spot and jot' scoring technology captures real-time data, which is then presented on a tailored dashboard for managers to analyse, making informed decisions and assessments. Moreover, Moonhub's platform is versatile, adapting to various industries and easily scalable, even for remote deployment.
The impact of Moonhub's approach is tangible, offering businesses verifiable ROI, time-efficient training, and enhanced workforce productivity. According to Accenture, VR training can yield a remarkable 75% retention score among employees, a remarkable contrast to the 5-10% retention rate associated with traditional methods.
One thing that this new technology addresses, according to Moonhub, is the inefficiency and high costs associated with traditional training methods. It is said that Moonhub's VR training modules can be completed in a quarter of the time, and results in a 275% increase in learners' confidence after completion.
Beyond corporate training, Moonhub's library extends its reach into sectors such as Diversity and Inclusion and social care training. Collaborating with figures like Róisín Wood, former CEO of Kick It Out, the English football equality and inclusion organisation, Moonhub has developed training programs that empower staff to identify micro-aggressions, challenge discrimination, and foster inclusive corporate cultures—a timely initiative in today's diverse workplace landscape.
A recent VR training suite developed by Moonhub is ELARA, focusing on Dementia Care training. The training suite offers a new approach by providing healthcare professionals with a digital, but high immersive and low-risk VR training experience. For this suite, an emphasis was placed on understanding how dementia patients perceive the world, the impact of caregivers' actions, and how the environment affects patients' wellbeing. With this training, the quality of care provided to dementia patients are likely to be enhanced.
As Moonhub forges partnerships with major industry players like Just Eat, Sports Interactive, and BNP Paribas, it's evident that the startup is well on its way to revolutionising the training landscape. With a keen focus on innovation, cost savings, and tangible benefits for employees and employers, Moonhub's future growth seems locked in.
It seems that Moonhub aren't the only ones with this idea though. Moonhub currently has 292 active competitors, of which, 37 have acquired some level of funding. In this section, we shall focus on Moonhub's top three competitors.
Attensi is a provider of VR corporate training, delivered via gamified simulations. Attensi was founded in 2012 and is headquartered in Oslo, Norway. Attensi has since acquired US$32.2M through 2 funding rounds, from three investors, and is now sitting at a Series B stage. Its latest round of funding was in April 2021, where it secured US$26M. As of December 2021, Attensi's annual revenue stands at $12.8M.
Interplay Learning is an American VR learning solutions company founded in 2016, headquartered in Austin, USA. The startup has acquired a total funding of US$26.1M over three rounds from 13 investors, sitting also at a Series B stage. Its latest funding round was in February 2021, obtaining US$18M. Overall, the company displays considerable potential for growth.
Lastly, Simulanis is a provider of AR and VR-based training systems, founded in Delhi, India in 2013. It is currently at the seed stage, with only $1.44M in total funding, acquired over seven rounds from 22 investors.
In comparison, Moonhub is the youngest startup of them all, currently ranked as 10th in the overall competitive landscape, achieving US$3.08M in funding over 4 rounds from 22 investors. Sitting at a seed stage, the company illustrates the highest growth potential out of the top three competitors because of its rapidly built investor interest at such a young age. There is huge potential here, and we can not wait to see where it goes!
In this evolving realm of business and technology, Moonhub is a textbook example of innovation, where it has redefined the contours of workplace training with its imaginative VR solutions. Moonhub's trajectory is a testament to VR’s transformative powers, not only as a medium of entertainment, but also in addressing multifaceted challenges in the corporate world. Its ingenuity both enhances learning outcomes and resonates with the modern workforce in adapting to the nuanced needs of today’s professionals. In a sector with a diverse competitive landscape, if Moonhub can achieve a unique blend of technological prowess and adaptability, it should obtain a strong footing in the maturing industry.