A survey by KPMG showed that many tech, media, and telecom (TMT) executives believe the metaverse can increase business profits by driving revenue, lowering operating expenses, and improving customer satisfaction. However, companies are cautious due to a lack of proven success and need further refinement and development of the metaverse, according to the survey. More: - 70% of global companies polled are investing less than 5% of their technology budgets in the metaverse, and 27% have not allocated any funds
- 40% of respondents believe there is a lack of successful use cases for the metaverse, and 27% consider it "an unattainable pipe dream."
- Almost 50% of respondents revealed their companies are either "watching and waiting" or assessing long-term business value before making significant investments.
- Many respondents say their companies are underprepared for the metaverse due to a lack of appropriate technology, high development costs, and a dearth of employee skills.
- Despite some skepticism, there is potential for higher ROI on outcomes such as higher employee retention and other enterprise applications.
Zoom Out: - Meta and Disney have invested billions into the metaverse but have yet to see significant success, with Meta's metaverse unit posting an operating loss of $13.72B in 2022.
CNBC 
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 Naver's executives and Saudi Arabia's officials attend a signing ceremony held in Riyadh, Saudi Arabia. (Naver) Naver, a South Korean internet giant, will assist Saudi Arabia in creating a city-scale digital twin and developing a "super app" using its advanced technologies. Naver signed an agreement with the Saudi Arabian Ministry of Municipal and Rural Affairs and Housing (MoMRAH) and the Ministry of Investment (MISA). More: - Naver will work with MoMRAH and MISA across all domains for Saudi Arabia’s ICT project as part of its nationwide digital transformation.
- Naver’s robotics and AI-enabled digital twin solution will be used for Saudi Arabia’s city-scale simulations and monitoring.
- Its "super app" for the country will use hyper-scale AI and the cloud.
- Naver joined the “One Team Korea” consortium led by the Korean Ministry of Land, Infrastructure, and Transport to secure Saudi Arabian projects under the auspices of the Korean government.
- Al-Hogail, Minister of MoMRAH, visited Naver’s second HQ to explore the company’s mobile service planning and development capabilities.
Zoom Out: - Representatives from three other Saudi Arabian government agencies related to AI and data also visited the company in February following the minister’s visit.
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 A message from NAVAN Remote work has made team travel more important than ever for businesses. Here’s how to streamline the process. Organizing team travel can be a daunting and time-consuming task. Whether it’s for a team offsite or a networking event, networking and connecting with colleagues today means hitting the road. 74% of travelers say they are planning to attend an offsite, this is up from 65% in 2021. With Navan, companies can save time and money while enabling their teams to connect and collaborate more effectively during face-to-face meetings and events. Download the guide to learn: - Why meeting and event travel is so important for businesses
- The overly complex process that some companies employ for team travel
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MediSim VR is an Indian start-up based in Chennai that offers VR training programs for medical students. It has been incubated by the Indian Institute of Technology Research Park and trained over 2,000 students. More: - MediSim VR's founders came from the computer games space and decided to apply VR technology to medical education.
- The company offers VR simulations for various medical procedures and has three patents in medical simulation.
- MediSim VR's technology offers a solution to the limitations of traditional mannequin-based learning.
- The start-up aims to expand to the lucrative medical education markets such as the U.S., U.K., and Australia.
- The founders believe haptic feedback will improve learning outcomes.
Zoom Out: - Recently, MediSim VR signed a deal with Hartford HealthCare Corp and appointed Harvard Medical School's Gianluca De Novi as an adviser.
Bloomberg
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 The University of Hawaii at Manoa has opened a new virtual reality lab to help students, faculty, and staff improve their speaking skills. The University of Hawaii at Manoa has opened a VR lab to improve public speaking skills. The VR lab has headsets and software that provide performance feedback and measures eye contact and hand gestures. More: - The VR lab is designed to help overcome the fear of public speaking.
- Currently, it is only available to the university community.
- The system evaluates word choice and frequently used words and provides real-time feedback during the virtual presentation.
- Participants can load their PowerPoint presentations into the VR environment and use them during the simulation.
- The Center for Science Communication at the Department of Communication Studies led the project and was funded by the National Science Foundation.
- A large-scale study is reportedly underway in the U.S. to determine its effective use at universities.
Zoom Out:
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 A message from PEGGY Throw away your posters—It’s time to upgrade your art collection. This new art app enables people to enter the art market with the ability to buy and resell art—all in one place. In contrast to recent macroeconomic uncertainty, Peggy has raised $8 million USD in venture funding. -
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FLAIM Systems, a VR firefighter training startup that has developed a fully immersive virtual firefighting training system combining a VR headset and haptic technology, has raised $6.7M. The Victorian government's investment fund, Breakthrough Victoria, invested $5M to take a minority stake in the business. More: - The FLAIM Trainer tracks performance data and has 80 different VR training scenarios, spanning bushfires to fires on aircraft, industrial sites, and residential properties.
- The technology includes simulating an operational fire hose and a thermal vest, reproducing the heat firefighters experience in different scenarios.
- The capital will be used to expand FLAIM's operations, further develop its technology, and create 25 new jobs by 2026.
- The FLAIM Trainer is a safe and cost-effective way to train firefighters after toxic chemicals used in a Victorian training facility increased cancer risks.
Zoom Out: - FLAIM emerged from Deakin University in 2019 and has clients in more than 300 emergency services agencies, defense, training organizations, and private enterprises across Australia, the U.S., and the U.K.
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Seven higher-education institutions in Orlando offer programs and research dedicated to simulation and interactivity with the metaverse. The Central Florida region is also a hub for modeling and simulation, with the U.S. Army, Navy, Air Force, and Marines partnering with the University of Central Florida (UCF). More: - UCF offers the Master of Science in interactive entertainment degree program, with about half of the graduates working for gaming or simulation companies in Orlando.
- Full Sail University offers tech degrees, including AI, IT, cybersecurity, simulation, and visualization.
- UCF faculty and researchers are creating a campus-wide digital twin initiative, including spaces for therapy, ways to teach surgery, and energy and defense applications.
Zoom Out: - Full Sail University partners with AdventHealth University to develop virtual training proof of concepts, including a nurse IV trainer and the DaVinci Xi surgical robot trainer.
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- Fatboy Slim's "Eat Sleep VR Repeat" was an immersive extravaganza you'd have to experience to understand fully.
- Ex-staffers of the metaverse company Everyrealm have accused CEO Janine Yorio of "vulgar" sex talk and harassment, but she says it's all a big shakedown.
- UK-based LandVault, a prominent metaverse builder, has raised an additional $3M, fuelling the company's operations growth across Dubai, Europe, Asia, and the U.S.
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 |  | Vildana is a writer at Inside.com, covering Wellness, Metaverse, and Wine & Spirits news. Besides English, she is also fluent in German. You can reach her at vildana@inside.com and follow her on Twitter. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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