UK-based Avantis Education Group (Avantis), a provider of virtual reality (VR)-based learning technology, is forecasting revenue and EBITDA growth of more than 50 percent this year as it expands its global footprint and strengthens its position in the US market.
The business, headquartered in Gloucester, provides proprietary headsets, software and curriculum-aligned content that is designed to make it easy for schools to set-up and run VR and augmented reality (AR) alongside traditional teaching methods. Its all-in-one solution, ClassVR, delivers technology, content and software to two million students in 200,000 institutions across 90 countries worldwide.
For the year ending 31 December 2023, Avantis generated £23m in revenue with EBITDA of £6.4m, driven by further expansion in the US market. Since entering the US in 2007 and opening its first US office in 2021, the business now serves 2,500 US schools and just over 1,200 school districts – groups of up to 1,000 schools that procure together – including Los Angeles Unified School District in California, St. Vrain Valley Schools in Colorado and Montgomery Public Schools in Alabama.
In 2024, Avantis expects revenue and EBITDA to increase by more than 50 percent on the back of its US expansion. Avantis is targeting further US district-wide deals by expanding its range of educational experiences that are aligned with US curricula. For the 2023-24 school year, Avantis aligned more than 400 of its lessons to US state standards in science, social studies and English language arts.
The company is also looking to drive growth in EMEA and Asia, and will continue to invest in content development to increase revenue from software subscriptions. The business currently has 10,000 schools subscribing to its SaaS license.
The company says that through its technology, students from pre-school to further education can engage with topics and concepts in new ways, from diving to explore coral reefs and their intricate ecosystems, to becoming immersed in moments of historical significance, such as Rosa Parks’ pivotal act of defiance in the fight for civil rights.
Huw Williams, CEO of Avantis Education Group, stated: “Engagement is a key challenge teachers face worldwide, especially as students grow up in an increasingly digital world. Our technology empowers educators to address this challenge directly by offering an innovative and immersive learning experience that delivers real results.”
He added: “What sets us apart is our ‘all-in-one’ approach. Schools and districts receive our headsets, software, and curriculum-aligned content in a single package, providing everything needed to seamlessly integrate AR and VR into the classroom. From a growth perspective, there is a significant opportunity with US school districts, which help us to scale at pace, and we’re proud to have already partnered with some of the largest in the country.”
Avantis’ growth follows investment from leading UK private equity firm LDC in August 2022.
Aziz Ul-Haq, partner at LDC, commented: “Avantis has built itself an enviable, global, reputation as a leader in education VR and AR technology. It’s seen strong growth already and this is set to only accelerate this year as it continues to invest in its products, expand its reach and build its base of subscription revenue. It’s been a privilege to work with Huw and the wider team, and we look forward to supporting their ambitions as the business grows and positively impacts students across the world.”
