BeamXR secures £266k equity investment from Creative UK and angel investors, plus £266k Innovate UK grant

North East creative tech company, BeamXR has raised £150,000 of equity investment from Creative UK’s Culture and Creative Investment Programme (CCIP) as part of a wider funding round
Innovate UK grant awarded to BeamXR with Creative UK as investor partner
Investment to support expansion of BeamXR’s first-of-its-kind streaming software development kit (SDK) for standalone XR headsets

In a win for England’s North East region, Newcastle creative tech (createch) company, BeamXR has secured half a million pounds of funding. The funding comprises equity investment from Creative UK’s North East Culture and Creative Investment Programme and equity raised from angel investors, plus a further £266k grant from Innovate UK. The grant amount awarded matched the total equity raised by the createch firm as part of an investor partnership between Creative UK and Innovate UK.

With this investment, BeamXR will expand the product capabilities of their game-changing streaming software development kit (SDK). The first of its kind, BeamXR’s SDK is designed specifically for standalone XR headsets, spanning augmented reality (AR), virtual reality (VR) and mixed reality (MR). The software enables both games developers and content creators to elevate their products with the capability for simultaneous streaming on platforms including Twitch, TikTok and YouTube. Beam allows communication beyond the headset so any gamer can stream to their friends, with virtual cameras and two-way chat configured to fit any game.

The investment and grant into BeamXR is a collective venture between the Culture and Creative Investment Programme (CCIP), facilitated by Creative UK, and the UK’s national innovation body, Innovate UK. Creative UK, which advocates for the growth of the creative sectors across the UK, is also a lead delivery partner on the DCMS Create Growth Programme which works to support the regional development of the Cultural and Creative industries.

Prior to this investment, BeamXR received support through Innovation SuperNetwork, who connect businesses in the UK with the opportunities, finance and support needed to innovate and grow.

Paul Miller, CEO of Beam XR, said: “We see a fantastic opportunity to bring new levels of communication into VR gaming, providing tools to create exciting new social spaces that will pull more and more people into the VR experience. Our focus is on growth through enhanced community so Creative UK, Innovate UK and our Angel Investors are the perfect partners to take us to the next stage, with ISN’s support hugely beneficial too.”

Sasha Collington, Investment Manager at Creative UK, who led on this investment round for the CCIP, commented: “We’re excited to support BeamXR with their innovative solution to enable live streaming from a standalone XR headset. We are looking forward to working with the founders as they build and grow this dynamic business.”

Daisy Rowland, Investment Specialist at Innovate UK, added: “We are delighted in the impact that our grant funding has had in leveraging private investment into Beam XR. It demonstrates the interest in extended reality technologies within the UK and should be a driver for acceleration and success for the business.”

Charlotte Scott, Senior Investor Relations Manager at Innovation SuperNetwork, said: “BeamXR is a fantastic example of how tailored business and investment readiness support from the earliest stages can effectively prepare businesses to engage with investors. Paul and his Co-Founders worked with several members of the Innovation SuperNetwork team before pursuing funding. We’re delighted to have supported the team in securing their Innovate UK DCMS Create Growth grant award and aligned investment to support this vision.

Cllr Amanda Hopgood, the North East Combined Authority’s Cabinet member for culture, creative and tourism, said: “BeamXR is an example of the creative excellence here in the North East. Our purpose is to champion the full potential of our region, and this investment from Creative UK and Innovate UK enables us to do that. We can’t wait to see what this means for BeamXR, and how it will benefit the North East as a whole.”