VR Education higher as it partners with Deutsche Telekom and Qualcomm for launch of 5G VR device

VR Education Holdings PLC (LON:VRE) shares moved higher on Wednesday as it unveiled plans to launch a new 5G virtual reality (VR) device in partnership with Deutsche Telekom, US conglomerate Qualcomm Inc (NASDAQ:QCOM) and Taiwanese tech group XRSPACE.

The VR technology firm said its ENGAGE platform, which allows users to construct virtual classrooms and other environments, has been selected as a launch application for the new VR headset, which is scheduled for release in the middle of next year.

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The headset will allow users to move through a virtual world using a real-life looking avatar, while VRE says the device will “deliver a significant boost to the VR ecosystem through its low latency attributes”.

The new offering will be distributed exclusively through global telecom firms including Deutsche Telekom, which currently has 7mln customers in Germany, 300,000 of which use its current VR app, Magenta VR, in addition to its global customer base of 44mln.

The headset will also be powered initially by Qualcomms Snapdragon Mobile VR platform and contain a number of social, educational, media, shopping, communications and entertainment apps.

“VR and [augmented reality] technology up to now has only appealed to very large corporations for training and the hardcore video game community. 5G deployment is about to change this mindset allowing for more immersive experiences, faster streaming services and smaller end-user devices making a currently niche product appeal to a mass Read More – Source