In the early days of edtech, the excitement about a digital future for education centered around increasing access and scalability while lowering costs. Through a digital medium, content creators could reach anyone with an internet connection, with close to zero marginal costs.
Over the last decade, online learning has improved tremendously as internet accessibility has increased, evolving from static digital text to interactive video courses. Without the confines of a physical classroom, a great course can be built once and distributed to thousands or even millions.
But learning is about a lot more than content. Research in the field of learning science tells us that difficult concepts require active engagement and hands-on practice. Even the best-produced, most engaging video content incentivizes passive consumption. This is great for entertainment, but not so great for learning — especially when a learner is trying to master complex new skills, the kind of in-demand skills that can lead to new jobs.
That is why we are so excited about immersive learning, an exciting new frontier of edtech. Technologies such as virtual reality (VR) and augmented reality (AR) can enable learners to learn new skills much more rapidly and effectively through a fully-engaging, hands-on interactive simulation. Analysts believe the market for VR/AR applications in the learning and training industry will be upwards of $300 billion by 2030.
We are thrilled to announce our partnership with Transfr, a leader in the field of immersive learning. Transfr’s mission is to train the future of every industry while creating economic opportunity for people around the globe. Lumos Capital Group led Transfr’s $35 million Series B financing.
Transfr was founded in 2017 by Bharani Rajakumar, and serves customers across workforce development agencies, colleges and universities, employers and K-12 districts. The company pioneered the use of VR for both training and career exploration for fast-growing jobs in areas like aerospace, advanced manufacturing, automotive, healthcare and construction. Customers who use the platform report significantly increased speed to mastery, better learning outcomes, lower costs and higher safety relative to traditional learning approaches.
Transfr’s model of kinesthetic learning is also a more accessible, alternative pathway of knowledge and skills acquisition for those learners who have struggled with more traditional learning models. The learners on Transfr’s platform are often underserved by our higher ed system.
Another compelling advantage of experiential learning models like Transfr is the ability to create a better employment fit for learners. Because learners who enter an industry through Transfr’s career exploration modules are able to experience what it feels like to work in a certain job beforehand, employers who hire these workers often experience much better retention. In one case study, an employer saw 93% employee retention for workers who experienced Transfr’s training modules, relative to approximately 30% retention for employees sourced from temp agencies.
Because of these advantages, Transfr is able to deliver tremendous value to employers and institutions while generating meaningful social impact.
We believe that applications for immersive learning technologies are vast, and that the future is very bright for companies like Transfr. We are incredibly excited and proud to be partnering with Bharani and his world class team!
