Screen Shot 2016-03-14 at 11.08.28Middlesbrough-based emerging technology solutions company, Spearhead Interactive has received a £25,000 loan through the Finance for Business North East Microloan Fund managed by Rivers Capital Partners.

Spearhead Interactive are an industry recognised and award winning company solving business challenges through the use of emerging technology. Specialising in the development of immersive 3D and augmented and virtual reality software, the company enables businesses to explain, justify, train, de-risk, entertain or test any aspect of their activities and visualise their data in context.

The development of highly innovative software; including interactive product and component visualisations, animated assembly guides, property and architectural BIM walkthroughs, virtual showrooms, experiential marketing solutions and 3D process flow maps have seen Spearhead Interactive grow steadily as a business since inception in February 2013 to manage a diverse portfolio of public and private sector clients from regional SME’s to global multi-nationals.

The company has a focus on flexibility and innovation through significant investments in technologies used in the creation of their software such as drones, 360° cameras, laser scanners and 3D printers, to the plethora of technologies that client solutions can be deployed on – traditional platforms like the web, PC / Mac or mobile and tablet devices, and a range of emerging technologies including interactive holograms and projection mapping, or augmented reality and virtual reality systems where they have made investments into headsets like the Oculus Rift alongside 360° treadmills, body and finger tracking systems and haptic feedback devices to enable users to see, move, interact and feel within virtual environments.

With hardware such as this developing rapidly, the VR software industry is expected to triple in the next three years from $900 million to $2.8 billion. Spearhead Interactive’s focus in developing bespoke and productised software to meet specific client objectives, combined with access to and provision of the latest hardware sees the company well placed to become a market leader in the emerging technology sector, internationally. Recently, the business secured partners in both Japan and Brazil following multiple market visits to Asia and South America in 2014 and 2015.

James Holloway of Rivers Capital Partners said “Spearhead want to use VR to its full potential. They are very passionate about the work they produce, making them an ideal candidate for a Microloan and set a great example to North East businesses.”

Rivers Capital Partners offer small loans anywhere between £1,000 -£25,000 to businesses in the North East. Rivers value the quality of the business rather than their assets. It is a quick and easy process with successful applicants receiving their loan on average in just two weeks. The Microloan Fund aims to boost the regional economy and since inception in 2011, has created over 440 jobs and safeguarded over 660.

Commenting on the Microloan process Dan remarked, “The process was simple and we would recommend the scheme to any business looking for short-term capital.”