The Vection (ASX:VR1) share price is rocketing 10%. Here’s why

a group of five people lie on the floor with their heads touching, each wearing hi tech goggles over their eyes as if in a metaverse workplace collaboration.

The Vection Technologies Ltd (ASX: VR1) share price is soaring in early afternoon trade. Shares are up 10% at time of writing to 22 cents per share.

Below, we take a look at what’s driving investor interest in the ASX tech share.

Capitalising on the remote work force

The Vection share price is off to the races today after the company unveiled its FrameS Metaverse release “introducing autonomous 3D World content creation”. This means companies will be able to build their own self-contained immersive metaverses.

According to Vection, this represents a milestone for its plans to integrate with Webex by Cisco during the second half of FY22. Webex by Cisco has provided video conferencing and online meetings services to more than 590 million monthly participants during the global pandemic.

Vection noted that there is “significant interest” from companies looking to increase their remote workforce productivity and encourage collaboration between team members. It has already begun to roll out its new Metaverse release to existing users, including fashion retailer Giorgio Armani and luxury yachts manufacturer Ferretti Group.

Commenting on the release, Vection’s managing director Gianmarco Biagi said:

Vection has always been a true believer in virtual 3D worlds, where organisations and people can connect and collaborate to create value.

As part of this vision we have worked tirelessly with industry leaders to understand their problems and creating solutions to address them. Today, following years of development, we believe we are on the cusp of a major adoption revolution, where, via Webex’s established user base and Vection’s critical metaverse-focused technology, we can play a major role in framing the future of the XR industry and the metaverse to come.

Vection share price snapshot

The Vection share price is up an impressive 100% since this time last year. That compares to a 12 month gain of 14% posted by the All Ordinaries Index (ASX: XAO).

Over the past month, Vection shares have rocketed an impressive 133%.

The post The Vection (ASX:VR1) share price is rocketing 10%. Here’s why appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia

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