Dev Clever enters Chinese market with VR contract 

 (DEV ) has entered into a material contract with an Asia-based VR hardware manufacturer and distributor operating on behalf of the Chinese Academy of Sciences.

Under the terms of the contract, Question What’s Real (“QWR”) will deploy an initial 20,000 VR devices to users across China, pre-installed with Dev’s immersive STEM learning library.

QWR operates as a leading manufacturer, developer and distributor of immersive VR, AR, and MR devices and experiences with operations in multiple countries globally from Asia. 

Dev Clever, an education-focused technology company, explained that these initial devices will begin to be distributed shortly after the Chinese New Year in February 2022 and that the Company will receive US$150 per device on an annual recurring SaaS subscription-basis. 

Subject to the success of the initial roll-out across China, there will be a further option to extend the partnership to include between 15,000 and 30,000 additional devices in 2022.

The VR headsets will also incorporate a healthcare app, developed by QWR and Chinese Academy of Sciences (“CAS”), with the objective of reducing myopia through the use of VR.

CAS works in conjunction with the Chinese Academy of Engineering - known collectively as the ‘Two Academies’ - as a national scientific think tank and academic governing body.

In China, the Two Academies provide advisory and appraisal services on issues stemming from the national economy, social development, and progress in science and technology.

CAS and the Jiangxi Provincial People’s Government jointly established the ‘Jiangxi Industrial Technology Innovation and Incubation Center of the Chinese Academy of Sciences’ to focus on the major scientific and technological needs of Jiangxi’s economic and social development. 

Nanchang, the capital of Jiangxi Province, is now being positioned as the ‘VR capital of the world’. Meanwhile, China already operates as one of the largest education markets globally. 

Chris Jeffries, CEO of Dev Clever, ackowlsdeged that China has been leading education VC investment growth “over the past five years.” He cited CAS’s “outstanding reputation”, adding that Dev is “delighted to be partnering with such an esteemed international institution.”

“As the world continues to emerge from the COVID-19 pandemic, we are seeing a marked increase in enquiries for our products and services from educational authorities globally.”

Last week, Dev Clever highlighted that due to the “significant progress” made in FY21 that revenue is now expected to be around £7.4m, an increase in the region of 500% on FY20.

The education-focused technology company said adjusted EBITDA is also expected to come in materially ahead of management’s expectations for the year ended 31 October 2021 as a result of “substantial operational progress” during the period which saw the group secure several major agreements. Dev Clever said it has ended the year with net cash of £7.5m.

In FY21, Dev Clever secured partnerships and agreements with Veative Laboratories, the National Independent Schools Alliance (“NISA”), Aldebaron DMCC and the CSC Academy in India (“CSC Academy”). as well as building on its existing market positions in the UK and US.

In India, Dev Clever saw progress with its agreements with NISA and CSC Academy. It said the roll-out of its capabilities to NISA-affiliated Budget Private Schools is ahead of schedule. 

In 1Q22, Dev expects to see its partnership with the government-backed CSC Academy to progress to ‘Phase Two’. As a result of the success to date, the Company said it has now commenced initial conversations with other regional government departments in the country.

As part of its second phase, the group’s proprietary immersive career guidance and learning platform will be rolled out to all CSC Academy centres across India, to cover 2.6m students.

In the UK, Dev Clever successfully completed its acquisition of The Inspirational Learning Group (“TILG”) in July 2021, enabling it to adopt and rebrand its physical programme The National Enterprise Challenge (“TNEC”) to The National Career Challenge (“TNCC”).

In addition, the company said its rollout of TNCC remains ‘on track’ for launch in India for calendar 1H22. The Company said it anticipates that this will further accelerate market and student penetration in India and drive a move into other territories around the world.

Meanwhile, to facilitate the growth of the Company’s international operations and support the Aldebaron roll-out into emerging markets, Dev Clever has now opened an office in Dubai. 

Looking ahead, Dev Clever highlighted that the EdTech market ‘remains robust’. It said it believes there is “a globally growing need and demand for more effective careers platforms that can engage young people and connect them directly with their future employers.”  

Looking ahead, and as a result of its strong performance, the company believes it is ‘very well placed to exceed management’s expectations for the full year ending 31 October 2021.’   

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