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Varnum Represents Virtual Reality Training Company in Capital Raise

October 10, 2022

Royal Oak-based PIXO VR, an enterprise extended reality solutions provider, recently completed a $6.5 million Series A financing round. Varnum’s emerging companies team negotiated and prepared stock purchase agreements, advised on strategy and executed other investment documents related to the matter.

The investment was led by Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Aramco, along with Peter Karmanos Jr., co-founder and former CEO of Compuware Corporation, and others.

PIXO provides a virtual reality training platform that allows organizations to overcome traditional training barriers. Using a headset and controllers, trainees look, speak, and move about freely in a fully immersive 3D virtual setting. PIXO’s first-of-its-kind platform is a true all-in-one solution that makes it easier than ever for enterprise clients to adopt and scale virtual reality training within their organization. As the VR/AR industry continues to explode ($1.5 trillion in growth over the next 10 years according to PwC economists), PIXO is in a prime position to capitalize on it with their unique solution. The new round of funding will allow the company to fuel its next phase of growth.

Varnum has been working with the company since 2020, providing counsel on a wide variety of corporate matters including previous capital raises, as well as employment matters and intellectual property work. Matt Bower leads the corporate team which also includes Mallory Field and Amy Yan. Others on the team include John Arendshorst (employee benefits), Maureen Rouse-Ayoub (Labor and Employment), and Staci DeRegnaucourt and Tim Kroninger (intellectual property).

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