iTWire - FLAIM Systems completes $6.7 million capital raise

Wednesday, 29 March 2023 14:18

FLAIM Systems completes $6.7 million capital raise Featured

Immersive learning solutions provider FLAIM Systems has completed a $6.7 million Series A capital raise cornerstoned by the Victorian Government’s $2 billion investment company Breakthrough Victoria.

The successful capital raise follows FLAIM Systems development of the “world’s first” fully immersive virtual firefighting training system, delivering a safe and cost-effective way to replicate the stress and uncertainty of real-world situations to better prepare the firefighter community to respond.

FLAIM says the capital raise was trongly supported by existing private and institutional investors and the company’s management and staff.

Cornerstone investor, Breakthrough Victoria, is an independent company managing the Victorian Government’s $2 billion Breakthrough Victoria Fund., established to drive innovation, solve globally significant problems, deliver financial and social impact and create high value economic jobs in Victoria.

Breakthrough Victoria’s investment will support the company to expand its operations and further develop its technology, with job creation already commenced and projected to create 25 new high value jobs by 2026.

“Firefighters put their lives on the line to keep our community safe – this innovation in virtual reality training will help keep them safe during training and provide the experience they need on the frontline,” Breakthrough Victoria Chair, John Brumby AO, said.

“We see a real potential for this world-first Victorian technology to be adopted by emergency services agencies around the world.”

Born out of Deakin University in 2019, FLAIM Systems has developed the fully immersive virtual firefighting training system which.combines a VR headset with haptic technology, creating a kinaesthetic “feels-real” experience by applying force feedback to the user. - including simulating an operational fire hose and a thermal vest that reproduces the heat firefighters experience in different scenarios from the direction of the fire.

The FLAIM trainer system tracks performance data in real time against training outcomes, which. includes task completion time, air and water usage, stress levels, where the trainee is moving and looking within the scenario, how they position themselves and interact with virtual objects in the scenario such as gas meters, electrical boxes, or the fire itself.

“As FLAIM training is virtual, there is no carcinogen exposure to the firefighter or instructor, and 2,000 hours of annual training in one system saves the equivalent of 20 million litres of water and 27 tonnes of carbon emissions,” notes FLAIM.

“From bushfires in remote locations to fires on aircraft, industrial sites and residential properties in urban areas – FLAIM Systems has developed 80 different virtual reality (VR) training scenarios that allow firefighters to train across different situations with no risk to their health or the environment. With more than 10 million professional and volunteer fire fighters around the world, this technology offers the potential to make training safer for firefighters and the environment on a global scale, with the company already working with over 300 emergency services agencies, defence and higher education organisations and private enterprise in 45 countries, with the primary focus on scaling opportunities in Australia, the USA and UK.”

FLAIM says net proceeds of the $6.7 million capital raise will be applied towards development of its technology stack, “focusing on building an in-house learning development platform, strengthening its team across executive, technical, sales, marketing and customer experience roles, and working capital to support scale-up and fund a shift from capital sales to subscription sales.

“The raise has also been supported by existing seed investors, including major shareholder Deakin University, Significant Capital Ventures and FLAIM Systems staff investing their own after-tax cash, including Chief Executive Officer Simon Miller who has personally invested $1 million since commencing as a FLAIM Systems seed investor in 2019.”

FLAIM Systems Chief Executive Officer, Simon Miller, said: “We are delighted to welcome Breakthrough Victoria as a cornerstone investor in FLAIM Systems. The backing of an investor of Breakthrough Victoria's calibre will be tremendously supportive as we enhance our technology stack, strengthen and scale up our team and accelerate our go-to-market strategy. We are also grateful for the support of our existing investors, many of whom have increased their investment in FLAIM Systems through this Series A raise.

“This investment will provide FLAIM with the foundations for global expansion as we focus on addressing opportunities to provide safer, smarter, deeper learning solutions to high-risk and emergency situation training programs in the US and UK as well as Australia.

“With the annual cost of firefighter injuries estimated by the US Fire Administration at between US$1.6 billion and US$5.9 billion in the US alone, and 14% of all injuries incurred during training, we see significant scope to commercialise FLAIM's innovative Australian technology as we seek to protect the lives of those who respond to hazardous fire, safety, rescue and emergency situations.”

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