Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (“IoT”), is pleased to announce that its portfolio company, FVRVS Limited (“FundamentalVR”), has recently secured a three year contract worth £0.4 million from an existing client, which is a global pharmaceutical company (“the Client”), to accelerate the safe and compliant use of the Client’s product.
The contract will deliver recurring annual revenues over its three-year term from licences and support, to enable a global rollout of the Client’s training solution using FundamentalVR’s Fundamental Surgery virtual reality platform. This contract follows on from an initial £0.5 million contract from the Client announced in December 2019. The rollout of the virtual reality simulation is intended to deliver the Client’s ambitions to accelerate the safe and compliant use of their products by using FundamentalVR’s unique HapticVRTM technology.
Al Sisto, Tern CEO, said: “We are delighted to see that FundamentalVR has secured this significant follow-on contract from a global pharmaceutical company. This contract follows the successful completion of the initial configuration of the Fundamental Surgery platform for the Client.
“FundamentalVR has made significant progress during 2020 and is working with a variety of companies to implement its immersive, data driven medical educational simulations for other pharma company applications, as well as those in the orthopaedic and ophthalmology areas. We look forward to reporting on further developments at FundamentalVR and with our other portfolio companies in due course.”
