Innerspace: Tyrolean VR Company Tripled Sales in 2022, reaching break-even point.
Innsbruck, Austria March 2023 – In 2022, the Tyrolean startup Innerspace achieved significant financial success, with sales soaring to more than four million euros—a threefold increase from the previous year. This impressive growth was largely due to their specialized virtual reality training programs for critical production environments, particularly in the pharmaceutical industry. By reaching the break-even point last year, Innerspace not only demonstrated robust performance but also solidified its position in the market.
2022 marked a banner year for the Tyrolean startup Innerspace, renowned for its virtual reality training solutions in critical production environments. Under the leadership of co-founders and Managing Directors Sebastian Scheler, Andreas Berger, and Walter Ischia, the company tripled its revenue to surpass four million euros. The firm’s focus on SaaS solutions for pharmaceutical production, coupled with the rising demand for scalable training systems, significantly contributed to its financial success. Notably, Innerspace also achieved a financial milestone by reaching the break-even point, underscoring its robust performance and market potential.
Innerspace aims for Series A financing round
“Nevertheless, we are now aiming for a growth investment round in order to quickly tap into the global market potential for our product,” says Sebastian Scheler. Innerspace’s risk-based training simulators, which utilize VR technology, offer significant improvements over traditional training methods. The company highlights that these simulators are not only user-friendly but also substantially cut training costs.
Designed to enhance awareness, the VR simulator effectively demonstrates critical cleanroom principles by visualizing the unseen, such as germs and airflow. Innerspace is positioning itself to dominate the global market for risk-based training with its standardized, scalable SaaS solution.
Since its inception in 2017, the startup has secured investments from notable entities including High Tech Gründerfonds, Austrian aws Gründerfonds, and Innsbruck-based early-stage investor MAD Ventures.
Business expansion planned in the USA and Asia
“Regulatory changes in the pharmaceutical industry have led to a sharp increase in demand for training simulators in cleanrooms and laboratories, for example. Due to our groundbreaking combination of software and methodology, we can offer training that not only makes the risk of error much more visible and trainable – we enable a completely new type of measurable qualification standard in the highly regulated pharmaceutical industry,” says Walter Ischia, co-founder and CEO of the startup. Innerspace currently serves three of the top ten global pharmaceutical manufacturers as its clients.
Innerspace has expanded its workforce to 40 employees, distributed not only at its headquarters in Innsbruck but also across various European branches. The company’s ambitious growth plans indicate that it will continue to increase its staff in the coming years. Currently, all sales and customer service operations are managed from Europe, despite Innerspace having as many installations in the USA as in Europe. This global footprint underscores the company’s expansive reach and operational capacity. “Our primary goal with the Series A round is of course to strengthen our innovation power in Europe. However, service organizations will be added, first in the USA and then in Asia,” says Ischia.
