Recent deal involves investment in a novel VR training system for firefighters
Hall & Wilcox has advised the Victorian government's investment fund, Breakthrough Victoria, on its recent $5m investment in FLAIM Systems as part of FLAIM's recent Series A capital raise.
FLAIM has developed a cutting-edge virtual reality training system for firefighters, combining immersive technology with real equipment for a safe, cost-effective, and realistic training experience. This recent funding is expected to accelerate FLAIM's global expansion.
"What Flaim has developed is the world's first fully immersive virtual firefighting training system designed to make fighting fires safer. This is an important investment for Breakthrough Victoria and a fantastic addition to Breakthrough Victoria's already impressive stable of investments", said Hall & Wilcox special counsel James Bull, who led the firm’s team on the transaction.
The funds raised will be applied towards enhancing FLAIM Systems' technology stack, strengthening and scaling up the company's team and accelerating the company's go-to-market strategy. FLAIM has committed to making training safer for firefighters and contributing significant positive impacts to the challenges of global warming and the environment.
Breakthrough Victoria's funding for FLAIM's Series A capital raise was supported by a rights issue and an employee placement, bringing the total raise to $6.7m. Breakthrough Victoria's investment is aligned with its goal to drive innovation in Victoria.
Hall & Wilcox provided legal advice to Breakthrough Victoria on all aspects of the transaction, including conducting due diligence, negotiating transaction documents, and addressing various intellectual property and employment matters. Joining Bull on the legal team were senior associate Jasmine Koh and lawyer Aron Mazur. Partner James Deady provided advice on intellectual property aspects of the deal.
Breakthrough Victoria is an independent company that manages a $2bn investment fund set up by the Victorian Government to make Victoria a global innovation leader. The company brings together investors, research institutions, governments and companies to commercialise ideas and innovations. Breakthrough Victoria's work encompasses advanced manufacturing, agri-food, clean economy, digital technologies, and health and life sciences. The company invests in all stages of growth, from pre-seed, seed and series A to series B and beyond.
