Virtualware

What Virtualware does

Virtualware 2007 S.A. is a Spain-based, publicly listed (Euronext Growth Paris: ALVIR) provider of enterprise extended reality (XR) software built around its VIROO platform. The platform is structured in three layers — APPS (pre-built XR applications), CORE (infrastructure and services), and PLAYERS (multi-user session executables) — and supports deployment on AWS, private cloud, or on-premise infrastructure. It is complemented by VIROO Studio (a Unity-based SDK for authoring multi-user XR content), VIROO Cloud (remote rendering), VIROO Academy (training), and the Simumatik digital twin platform acquired in 2024, which enables virtual commissioning and virtual retrofitting at 1:1 scale for manufacturing customers. The platform integrates with HTC VIVE (VIVERSE Polygon Streaming), Igloo Vision, Unity, and PICO hardware.

The company sells to large enterprise and government clients in energy, defense, healthcare, education, manufacturing, automotive, and railway infrastructure, with named customers including GE Vernova, NATO, the Spanish Ministries of Defense and Education, ADIF, PETRONAS, Iberdrola, Repsol, Volvo, SEAT, Bosch, ALSTOM, Mount Sinai Hospital, Kessler Foundation, and McMaster University. Go-to-market is predominantly direct enterprise field sales, supplemented by regional channel partners (Xplorient in the UK, LASTING System in Romania, GE21 in Brazil) and reseller arrangements. Virtualware transitioned from one-time licensing to a recurring subscription model in 2021, and most large contracts (e.g., the €5M, six-year Spain Ministry of Education deal; the multi-year ADIF relationship) are structured as multi-year subscriptions or enterprise licenses with professional services attached.

Revenue was €4.32M in FY2025 with management guiding to ~€5.7M for FY2026 (~30% growth) and analyst projections reaching €8.4M by 2028. FY2025 bookings exceeded €8M, and Q1 2026 bookings of ~€2.5M imply an annualized run-rate above €10M. The company holds ISO/IEC 27001:2022, ISO 9001, TISAX AL3, and ENS certifications that enable it to bid on security-sensitive enterprise and government work. Headcount is 50+ professionals across engineering, development, design, and technology, with offices in Basauri (Spain, HQ), Hamilton (Canada), Orlando (USA), and Skövde (Sweden). North America accounts for 40% of 2025 revenue.

Name

Virtualware

Legal name

Virtualware 2007 S.A.

Website

https://virtualwareco.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Virtualware is a Spain-based, Euronext Growth-listed (ALVIR) provider of the VIROO enterprise XR platform, delivering multi-user VR training, simulation, and Simumatik-powered digital twin solutions to enterprise and government clients in energy, defense, healthcare, education, manufacturing, and transportation.

Ownership category

akta.pro rank

Product category

Enterprise XR/VR Training Software

NAICS

Software Publishers (5132), Custom Computer Programming Services (541511), Computer Systems Design Services (541512)

SIC

Services-Prepackaged Software (7372), Services-Computer Integrated Systems Design (7373), Services-Computer Programming Services (7371)

akta.pro primary industry

XR/AR/VR/MR Development Frameworks & Toolchains (MPAFAFAF)

akta.pro secondary industry

Creator Tools & Content Pipelines for Immersive Learning (VR lesson builders, 3D asset workflows) (EDAFAJAL)

Keywords

• Enterprise XR platform
• VR training software
• Digital twin solutions
• Industrial simulation software
• Immersive learning platforms

Headquarters

HQ city

Basauri

HQ country

Spain

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. VIROO Platform Subscriptions: Recurring subscription model implemented since 2021. Enterprise clients pay recurring fees for platform access, content deployment, and multi-user session capabilities.
2. Government and Public Sector Contracts: Contracts with government entities including ADIF (railway training), Spanish Ministry of Education (vocational training centers), and defense sector. Multi-year contract structures.
3. Professional Services: Custom XR content creation, deployment services, and training solutions for enterprise clients. Content generation services bundled with platform subscriptions.
4. Enterprise Software Licenses: Simumatik digital twin platform integrated into VIROO offering, providing simulation capabilities for manufacturing and industrial applications.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Virtualware develops and sells VIROO, an enterprise XR (extended reality) platform that delivers industrial VR training, multi-user simulation sessions, and digital-twin environments to large organizations. The platform combines pre-built XR applications, cloud or on-premise deployment infrastructure, and a Unity-based SDK (VIROO Studio) for custom content creation, and is complemented by Simumatik, an industrial digital-twin and virtual-commissioning platform acquired in 2024. Customers include enterprises and government agencies in energy, defense, healthcare, education, manufacturing, and transportation, who license the platform on a recurring subscription basis alongside professional services.

Product overview

Virtualware offers VIROO, a unified enterprise XR platform combining three integrated layers: APPS (pre-built XR applications for various industries), CORE (infrastructure services enabling seamless operation), and PLAYERS (executables for multi-user XR sessions). The platform is complemented by VIROO Studio (a Unity-based SDK for custom content creation), VIROO Cloud (cloud deployment infrastructure), and VIROO Academy (training resources). In 2024, Virtualware acquired Simumatik, an industrial simulation platform for digital twins and virtual commissioning, which integrates with VIROO to enable manufacturing companies to deploy 1:1 scale digital twin simulations in VR environments. The company operates on a recurring subscription model and serves sectors including energy, defense, healthcare, education, manufacturing, and transportation.

Differentiator

Problem solved

Functional benefit

Brands

• VIROO: Enterprise XR platform providing industrial VR training, simulation, and digital-twin environments across energy, defence, healthcare, education, and manufacturing sectors
• Simumatik
• VIROO Studio
• VIROO Cloud
• VIROO Academy

Products and services

• VIROO Platform Enterprise XR platform providing industrial VR training, simulation, and digital-twin environments. Features three integrated layers: APPS (pre-built XR applications), CORE (services and infrastructure), and PLAYERS (executables for multi-user XR sessions). Supports deployment on AWS, existing cloud, or on-premise infrastructure and is sold to enterprise and government clients on a recurring subscription.
• VIROO Studio

Quantifiable outcome

• Q1 2026 bookings reached approximately €2.5 million, implying annualized run-rate above €10 million
• +5 more outcomes

Named customers20 records

Segments7 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature9 records

Partnerships

17 partnerships are on record, tiered minor, core and regional.

• Lethbridge Polytechnic START CentreminorStrategic or Co-development Partner · 14 April 2026Spatial Technologies Applied Research and Training (START) Centre partnership for XR development using VIROO platform. Tyler Heaton, industry liaison at START, leads collaboration to demonstrate new XR applications across industry sectors.
• ADIFcoreStrategic or Co-development Partner · 9 March 2026Spanish public entity managing national railway network. Four-year ongoing contract for Railway Infrastructure Training Simulator (RITS) with €800,000 extension. VR solution deployed at Valencia Technology Training Centre and remote sites, training 1,000 workers annually in railway operations and maintenance.
• UNC Greensboro (SISC)minorStrategic or Co-development Partner · 11 December 2025Selected as one of three US universities to receive 2025 university grant from Virtualware and HTC VIVE for Spartan Immersive Systems Collaboratory (SISC). Regional industry and government partners will have free access to immersive infrastructure for research and workforce development.
• Spain's Ministry of EducationcoreStrategic or Co-development Partner · 15 September 2025€5 million contract to deploy VIROO platform across 66 new vocational training centers over six years. Largest contract in company history, bringing total vocational training centers using VIROO to more than 91.
• HTC VIVEcoreTechnology or Integration · 1 December 2024Integration of VIROO with VIVERSE Polygon Streaming technology announced at I/ITSEC 2024. Combined immersive experiences for enterprise XR deployments.
• XplorientregionalChannel Partner/ Reseller/ Distributor · 1 September 2024London-based startup partner to expand VIROO presence in UK market. Strategic collaboration for UK market penetration.
• MASTER XR ConsortiumcoreStrategic or Co-development Partner · 1 January 2023EU Horizon-funded project (2023-2026) developing Open XR platform for human-robot collaboration and factory floor worker training. Partners include: Panepistimio Patron (Greece), Tekniker (Spain), DFKI (Germany), Teaching Factory Competence Center (Greece), ALECOP (Spain), ESCI (Germany). Platform built on VIROO with virtual safety zones, code-free robot programming, and gaze-based interaction tools.
• LCAMP ConsortiumminorStrategic or Co-development Partner · 1 January 2022EU-funded project (2022-2027) for Learner-Centered Advanced Manufacturing Platform for Centers of Professional Excellence (CoVEs). Supports regional CoVEs in advanced manufacturing for digital and green transitions.
• UnitycoreTechnology or IntegrationVIROO built on Unity 3D engine. Presented together at AI Week Italy alongside One Team. Joint demonstration of industrial XR workflows with Unity Industrial Solutions.
• Ohio University Digital Enterprise CollaboratoryminorStrategic or Co-development PartnerLandmark VR collaboration linking four physical sites across US, Spain, and Canada in potentially first synchronized multi-location VR demonstration. Real-time BIM/CAD design review, virtual commissioning with Simumatik digital twins, and mixed reality for workforce training in high-tech manufacturing.
• GE21 Realidade VirtualregionalChannel Partner/ Reseller/ DistributorBrazilian partner for introducing VIROO in Brazil market. Strategic collaboration for Latin American market expansion.
• LASTING SystemregionalChannel Partner/ Reseller/ DistributorRomanian partner showcasing VIROO at Black Sea Defense, Aerospace and Security (BSDA) exhibition. Regional defense sector partnership.
• SimumatikcoreStrategic or Co-development PartnerAcquired in 2024. Industrial simulation platform enabling virtual commissioning and retrofiting for manufacturing companies. Integration with VIROO enables digital twin deployment in VR environments at 1:1 scale for collaboration sessions.
• Igloo VisioncoreTechnology or IntegrationStrategic alliance to combine shared immersive spaces with VIROO XR platform. Enables creation and deployment of immersive experiences at scale.
• CDW and LenovominorImplementation/ SI/ Consulting PartnerContributing space, servers, and PC configurations to UNC Greensboro SISC initiative alongside Virtualware and HTC VIVE.
• Invest Windsor EssexminorStrategic or Co-development PartnerPartnership for Battery Boost program in Canada, bringing VIROO to electric vehicle battery manufacturing workforce training in Windsor-Essex region.
• AutodeskminorStrategic or Co-development PartnerVirtualware joined Autodesk Technology Centers Residency Program at Toronto location for technology collaboration and innovation.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Strivr: US-based enterprise VR training platform serving large employers in retail, sports, and financial services. Closely comparable to Virtualware's VIROO as an enterprise VR training and simulation platform sold via enterprise subscriptions.
• Talespin: Enterprise XR platform offering immersive learning, soft-skills simulation, and spatial computing tools. Directly comparable to VIROO in targeting enterprise workforce training with subscription software and content services.
• PIXO VR: Enterprise XR solutions provider focused on immersive training and operational visualization for large organizations. Comparable in business model (enterprise software + services) and target verticals (manufacturing, energy, defense).
• Interplay Learning: VR training platform focused on skilled trades and vocational education. Comparable to Virtualware's education vertical offering (91+ vocational centers) in delivering immersive training via a subscription platform.
• Immerse: Enterprise VR platform for language, soft-skills, and operational training with multi-user capabilities. Comparable to VIROO's multi-user XR sessions and recurring subscription model for enterprise learning.
• Mursion: VR simulation platform for workforce soft-skills training with AI-driven avatars. Comparable as an enterprise subscription XR simulation platform sold to large organizations across regulated and high-stakes verticals.
• Spatial: Collaborative XR/metaverse platform for enterprise meetings, design review, and training. Comparable to VIROO's multi-user collaboration features and device-agnostic approach across headsets.

Broad incumbents

• RealWear: Industrial AR hardware and assisted-reality platform for frontline workers. Comparable through overlapping industrial customer base and connected-worker workflows, though Virtualware is software-focused and device-agnostic.
• Siemens Digital Industries (Xcelerator / NX Immersive): Industrial software incumbent with digital-twin (Teamcenter, NX) and immersive engineering offerings. Comparable through Simumatik-style virtual commissioning use cases and shared manufacturing customers.
• PTC (Vuforia): Industrial software vendor offering AR (Vuforia) and digital-twin capabilities to manufacturers. Comparable to Virtualware's industrial XR and digital-twin proposition, with a much broader enterprise software portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Virtualware_en
• YouTubeyoutube.com/c/virtualware
• LinkedInlinkedin.com/company/virtualware
• Instagraminstagram.com/virtualware
• Facebookfacebook.com/virtualware

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Virtualware