Modest Tree, a Halifax company that makes easy-to-create online training solutions, has received a strategic investment from Augsburg, Germany-based Renk, a member of the Volkswagen group.
The companies announced the investment in a statement last month, though they did not give the details of the transaction. They said Renk has been a client of Modest Tree for some time, and the two companies will now work together to expand Modest Tree’s business. It is believed to be the first time the Modest Tree founders have sold equity in the company.
“Supported by a strong partner who has a clear understanding of the value and potential for immersive technologies in the industrial workplace, our close cooperation with Renk will fuel our European market expansion plans and accelerate the development of our software products in response to the rigorous requirements of the mechanical engineering sector,” said Modest Tree Founder and CEO Saman Sannandeji in the statement.
Sannandeji and his partner Emily Smits founded Modest Tree seven years ago with the goal of developing a drag-and-drop framework that could be used to create online training manuals and educational content. The simple framework reduced the cost and time involved in making 3D training programs by as much as 85 percent.
It now calls itself a leader in developing extended reality applications and software to create immersive training solutions without coding. It delivers advanced applications for industrial workplace training and marketing to global enterprise clients, with clients that include Air Canada and GE Health.
The company is in the process of expanding into the European virtual reality and augmented reality training markets – a mission that will be aided by its relationship with Renk.
Renk, a leading manufacturer of drivetrain technologies, said it and Modest Tree are well positioned to make digitization strategies and immersive learning technologies indispensable any competitive organization.
“By acquiring a minority stake in Modest Tree, Renk will be at the forefront of shaping digital communication solutions,” said Renk CEO Florian Hofbauer. “Together with Modest Tree, we will deliver state-of-the-art training and support services, while exploring other new possibilities to meet our customers’ future demands.”