RENK AG (RENK), a manufacturer of drivetrain technologies, has announced a strategic investment in Modest Tree Media Inc. (Modest Tree), which developes extended reality (XR) applications and software to create immersive training solutions without coding.
Modest Tree is well-known for delivering advanced applications for industrial workplace training and marketing to global enterprise clients. Recognized as a technology leader in the North American market, Modest Tree is currently in the process of expanding into the European virtual reality (VR) and augmented reality (AR) training markets.
The aim of this strategic relationship is to strengthen the already existing cooperation between the two companies in order to accelerate the development of existing and future enterprise VR and AR solutions.
“By acquiring a minority stake in Modest Tree, RENK will be at the forefront of shaping digital communication solutions. 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,” said Florian Hofbauer, RENK CEO.
Modest Tree Founder and CEO Saman Sannandeji: “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.”