Virtual reality (VR) solutions provider InContext Solutions has announced the closing of a $15.2m funding round.

Led by Intel Capital and Beringea, the funding round will help InContext Solutions to accelerate its marketing efforts, expand its footprint and improve its VR product portfolio.

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InContext Solutions CEO Mark Hardy said: “This latest round of funding gives us strong strategic backers who share our vision of even more robust, fully immersive virtual reality solutions for retail.

"This investment allows us to aggressively develop our VR platform, further lowering costs and improving speed and revenue for our clients.”

“We have long been a leader in web-based VR, and this investment allows us to aggressively develop our VR platform, further lowering costs and improving speed and revenue for our clients.”

InContext Solutions offers retailers and manufacturers to visualise, test and deploy new retail technologies and concepts through hyper-realistic simulations of actual retail environments.

Available through InContext’s flagship ShopperMX VR platform, clients can create optimal in-store shopper experiences.

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The company claimed that VR has proven to be a disruptive new approach to traditionally slow and expensive retail processes, by reducing the cost and time required for companies to conceive, create, test and activate in-store experiences.

By streamlining these processes, InContext Solutions's VR technology enables shopping experiences to be more engaging for consumers and more profitable for clients.

Intel Corporation senior vice-president and general manager of the software and services group Doug Fisher said: “Virtual reality is expanding to many different industries, in addition to gaming. InContext Solutions has already had significant impact on virtual reality for the retail and manufacturing industries."

Last month, Intel and InContext Solutions signed a collaboration to develop new VR retail solutions.