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- Vection Technologies (VR1) has executed a framework agreement to bring its virtual and augmented reality technologies to the global arts and culture scene
- The structured framework agreement with Italian start-up Poetronicart is hoped to advance a digital transformation within the sector across galleries, museums and expositions
- An initial pilot platform is expected in early 2021 with a value of up to $160,000 in addition to 15 per cent of net sales made to clients
- Vector has coined this a significant material opportunity in introducing virtual and augmented reality technologies (XR) to a sector dependent on awareness and promotion of works and venues
- This agreement marks the latest of the Australian-based company’s business linkages to Italy
- Shares in VR1 are off slightly trading 3.85 per cent lower at 12.5 cents each
Vection Technologies (VR1) has executed a framework agreement to bring its virtual and augmented reality technologies (XR) to the global arts and culture scene.
The structured framework agreement with Italian start-up Poetronicart is hoped to advance a digital transformation within the sector across galleries, museums and expositions.
Poetronicart is described by its Chief Executive as an art business village and a digital space designed for the industry.
The companies will collaborate in Q1 2021 to begin developing a pilot platform worth $160,000, with 15 per cent of net sales generated by Poetronicart by selling the platform to clients.
Driven by greater demand from art collectors and investors, the company hopes to use XR to bridge gaps in accessibility, general knowledge and transparency for consumers and visitors alike.
Vector has coined this a significant material opportunity in introducing virtual and augmented reality technologies (XR) to a sector dependent on awareness and promotion to enable commercial activity for both artists and investors.
VR1 already has a number of ongoing and upcoming business arrangements with both private and government operations in Italy.
It most recently struck a deal with the Italian government to use its XR technologies to undertake remote train maintenance, as well as a supply agreement to tech company Olivetti.
Vection Managing Director Gianmarco Biagi explained how the pandemic’s impact was driving a reinvention of many industries, with technology at the forefront.
“Virtual and augmented reality technologies represent a significant opportunity for arts and cultural operators to unlock new business tools to reach visitors, customers and people,” he said.
Shares in VR1 are off slightly trading 3.85 per cent lower at 12.5 cents each this morning at 9:19 am AEDT.
