Tern (TERN) on Wednesday announced its portfolio company, FundamentalVR, secured a £0.5 million contract to create a Virtual Reality Haptic Simulation platform for a global pharmaceutical company.
The contract is the first of a planned series of virtual reality simulations designed by FundamentalVR to accelerate the safe and compliant use of the pharmaceutical company’s products.
FundamentalVR will configure its platform for a surgical procedure, and expects to complete it during 2020.
Shares in Tern were trading 3.87% higher at 9.4p on Wednesday morning
Tern CEO, Al Sisto, said: “FundamentalVR's award-winning technology will be employed by this pharmaceutical company to drive the uptake of its products, highlighting the broad array of medical markets available to our portfolio company.”
FundamentalVR’s technology is used by clinics, medical centres, device companies as well as pharmaceutical companies.
Mr. Sisto added: “Importantly, the FundamentalVR team is ideally positioned to execute on this potential multi-phase project following its recent fundraise which saw investment from well-regarded institutions."
FundamentalVR combines immersive VR with cutting-edge haptics (the sense of touch) to create realistic simulator experiences.
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