Brisbane tech company Lightweave has taken its next step into Asia after featuring in a Seoul showcase with TIQ’s support.
Lightweave was one of the Queensland immersive tech companies showcased at Asia’s largest virtual reality and augmented reality (VR/AR) expo in late May.
The Seoul VR/AR Expo 2019 was first stop for an Austrade mission to Korea, Taiwan and Japan, designed to gain insights and build partnerships with VR/AR platform providers and investors in Asia’s tech hotspots.
Queensland firms were supported on the mission by TIQ’s Korea office.
Lightweave creates customisable technology that can be applied to any sector. The company’s newest development is a world-first augmented reality arena, which uses VR technology to recreate physical spaces as virtual game worlds.
The first of the arenas was launched at Westfield Chermside’s Kingpin Bowling Arcade in May and the technology is slated to roll out in 5,000 locations around the world.
Lightweave founder Sam Hussey said the company was working with TIQ to grow in Asia and expand into Europe and North America.
‘As we expand internationally it is an amazing pathway to have the assistance of TIQ to help us connect with organisations in our target markets.
‘We are then speaking with the right people who align with our vision and can help us grow rapidly.
‘Growing internationally can be daunting when you are trying to find the right partners or introductions to client. The assistance of TIQ in our key markets has allowed us to move faster and be speaking with the organisations who want to do business with Australian companies like ours.’
Queensland Trade and Investment Commissioner for Korea Daniel Kim said Queensland companies were well positioned to capitalise on Asia’s impressive VR/AR ecosystem.
‘The Korean VR/AR market, worth US$1.3 billion in 2017, is forecast to reach US$5.2 billion by 2020,’ he said.
‘I think there are significant opportunities to partner with Korean VR/AR game platforms and theme park providers who are seeking fresh content.’
Queensland has a diverse range of capability in immersive technologies, spanning industries such as gaming, product development, training, data visualisation, smart cities and health.
Digital technologies and start-ups are two of the emerging export strengths identified in the Queensland Trade and Investment Strategy 2017–2022.