Vection Technologies signs distribution deal to introduce its AI and XR solutions to the European Union
Vection Technologies (ASX: VR1) has finalised a $900,000 distribution partnership with Dutch consultancy Smartengineering BV to accelerate the introduction of artificial intelligence (AI) and extended reality (XR) solutions across the European Union’s industrial sector.
The three-year deal gives Smartengineering non-exclusive distribution rights to Vection’s extensive AI and XR portfolio for engineering design and technical training purposes in the region.
Vection sees the deal as reflective of the strong confidence in the company’s AI and XR solutions for the industrial market.
Productivity improvements
Smartengineering plans to leverage Vection’s advanced technologies to modernise design processes, enhance technical training and deliver productivity improvements to its clients in the oil and gas, manufacturing, energy and transportation sectors.
The company has committed to providing training and pre-sales assistance to ensure the smooth implementation and quick adoption of Vection’s offerings.
It will work to a series of predetermined sales milestones including $100,000 by 31 December 2025, $350,000 by end-2026 and $450,000 by end-2027.
Recurring revenue
Vection managing director Gianmarco Biagi said the new partnership signified a crucial step in the company’s goal of establishing recurring revenue through its subscription-based AI and XR solutions.
“This partnership with Smartengineering highlights our dedication to advancing AI and XR adoption through concrete commercial achievements,” he said.
“We are confident this collaboration will deliver advanced immersive technologies to industrial clients looking to modernise and maintain their competitive edge.”
Strong position
Smartengineering chief executive officer Lia Grandi said the company was looking forward to becoming a Vection distributor.
“Integrating Vection’s innovative AI and XR solutions places us in a strong position to revolutionise design engineering, technical training and knowledge management for our clients,” she said.
“We recognise significant growth potential in this area and, together, we will provide high-value solutions that elevate industrial innovation to unprecedented levels.”
Global market
Research shows the global market for AI reached an estimated value of $119.8 billion in 2022.
Analysts forecast it to expand at a compound annual growth rate of 38.1% to $1.5 trillion by 2030.
The growing adoption of AI solutions across diverse industries is expected to drive worldwide enterprise AI spending past $800b by 2027.