Bringing unorthodox digital learning experiences to the world!
EVULX International is a digital unorthodox experience company that specialises in providing immersive and gamified learning simulations to B2B organisations. We strongly believe in immersive learning experiences that allow our customers to get a real and unforgettable learning journey. Our current product ranges from simulations that address critical gaps in organisations such as leadership, team management, stakeholder ownership, hard skills such as finance for non-finance folk. All of EVULX's products are delivered through gamified experiences where the customer uses simulations to depict a real-life experience to enhance the learning.
There are several industry wide problems with training and learning solutions:
L&D is physical in nature; therefore, scale is an issue and extraordinary events (i.e. COVID-19) can severely impact the industry as below:
- Employee engagement is at an all-time low
- Attention spans have dropped significantly (close to 25% drop)
- L&D is physical in nature; therefore, scale is an issue and extraordinary events (i.e. COVID-19) can severely impact the industry.
- Organisations need their employees to be continually upskilled with limited budgets
- Costs to run traditional learning sessions can be very high and leave out smaller organisations (i.e. SME, Startups, Universities etc.).
- Learning solutions need to be gamified and immersive to drive engagement.
- Learning solutions need to be unorthodox to include real time feedback, multiplayer element, case study scenario-based game play,
- All of EVULX’s solutions will be virtual or digital in nature, no impact on physical setting or impacts from external circumstances. The products can have a global impact.
- Royalty or licensing fees can be very cost effective and much lower than traditional learning engagements and can reach a bigger audience (scalability).
We have developed internal simulations that have been created exclusively by EVULX but we also have 3rd party partnerships with external simulation product companies. See below the listing of current EVULX developed simulation products:
|PARTNER||SERIES||NAME OF SIMULATION|
|EVULX||Soft Skills||Leaders Developing Leaders|
|EVULX||Soft Skills||Managing in a Matrix Organisation|
On our 3rd party partnership products, we have a range of simulations covering different aspects of B2B skill gaps such as leadership, hard skills (i.e. finance, business management etc.) and digital multiplayer simulations.
EVULX International has accumulated around RM 30,000 in revenue since the company’s incorporation in August 2020. We have completed the virtualization of 3 products that were initially physical in nature and this has been delivered to a key MNC customer in the region with very positive feedback.
To EVULX International, there are 2 types of customers:
- Training Houses which we license our products to
- End user which are typically employees in B2B organisations
Since EVULX is a product house, we license our products to training companies to sell to the end customer / user. Since incorporations, we have 3 major training house customers:
- Leaderonomics Malaysia
- Leaderonomics India
- Leaderonomics Thailand
EVULX’s business model is broken up into 2 segments depending on the customer:
- B2B segment
- B2C segment (TBA, expected in 2022)
For the B2B segment, the main model will be to use licensing annual models for training providers to have the right to use our products. This cost will also include any onboarding costs required to upskill the customer to use and sell our products to the end customer.
Another option is to have royalties (pay a fixed % of final selling price to end customer to EVULX). These 2 approaches are quite standard in the digital learning simulation market.
On the B2C space, the plan is to adopt a SAAS model which will also include Freemium models as well.
According to market research undertaking on the e-learning market size, the total market size is close to USD 204 Billion as of 2019. This includes all e-learning and digital learning products and solutions. The CAGR is 13.7% up to 2030. The Total Available Market (TAM) is USD 8.5 Billion which is specifically for digital simulations.
For the Serviceable Available Market (SAM), the current valuation for digital simulations for B2B enterprise solution is approximately USD 6.4 Billion and when we zoom into the market size for the Asian market place, this market place is about USD 2.5 Billion based on GDP% ratio vs global GDP. This is effectively the SOM or the Serviceable Obtainable Market. All figures are accurate as of 2019 and the current market CAGR is approximately 12 – 14%. These figures could be significantly higher in 2020 due to the onset of COVID-19 but current reliable estimates are not available to assess the impact.
Based on our research, there are multiple competitors within this industry. Most competitors compete in either the B2C or B2B solutions. These are also differences as well in terms of format of product which can be either physical or digital. In terms of direct competitors within the digital learning simulations, our competitors include the below:
- Gamelearn – based in Spain
- Day One – based in England, UK
- Forio – based in the United States
- Cesim - based in Finland
All direct competitors either have aspects of the below:
- B2B market driven
- Simulations for learning – B2B organisational feel
- Simulations are either digital or virtual format
To date, EVULX has been self-funded. This ECF seed capital round is the first fundraising exercise for EVULX; in which we are actively looking for RM300,000 to fund product development (i.e. software development, platform costs) and sales and marketing initiatives to grow our global reach of our products.
Investment need RM300,000 --> RM200,000 (product development), RM50,000 (sales and marketing) and RM50,000 (operating expenses)
EVULX’s vision is to be the 1st global digital unorthodox learning simulation company to have immersive, gamified products for B2B organisations and B2C consumers. We believe in pushing the boundaries of what can constitute a learning experience, whether it be learning simulations that cover skills gaps in organisations or consumer driven experiences that enhance individual learning. Unlike traditional learning and development companies, we believe that people learn best when they are immersed in a scenario where there are consequences to their actions and where there are multiple stakeholders that influence decision making. Plus, it needs to be fun and engaging with multiplayer modes of play! Our motto of putting the customer first and to be a company that prioritises the customer learning experience is what we envision to always be at the heart of EVULX!
To date, EVULX has been self-funded. Our main shareholders are Roshan Thiran, CEO of Leaderonomics Group and Ang Hui Ming, Co-Founder of Leaderonomics Group.
Arun Robert Nagarajah, CEO and Co-Founder
Arun Nagarajah has a finance and economics background and graduated with a MSc of Economics from the University of Warwick. He was previously leading the supply chain and procurement function of General Electric Aviation Malaysia and has deep knowledge in operations, finance, inventory management and procurement. He also was part of the prestigious GE Finance Management Program and the mid to senior RISE Leadership Program as part of his time in GE. Together with Jayson, he believes the direction of learning is more game-based and experiential.
Jayson Chik, COO and Co-Founder
Jayson Chik has extensive experience in the corporate learning & development space in Malaysia. Upon securing his degree in Psychology from HELP University in 2014, he joined Leaderonomics and had the opportunity in developing himself through multiple corporate related roles such as business development, consulting, framework design and execution of learning programmes. Up till recently, he led the game-based learning initiatives in Leaderonomics before co-founding eVULX. He believes that it is time for the market to fully embrace unorthodox learning methodologies in the interest of improving the engagement and retention of the learners.
EVULX has a pretty lean team where we have a Product Development / Simulation Operations team which is being led by Jayson Chik. The operations / delivery team is currently staffed by 2 simulation designers which are continually pushing to build new simulations.
In terms of finance / controllership tasks, Farhan Suhaimi leads this role where he bring extensive experience from Leaderonomics Group Malaysia.
On all other matters related to EVULX’s operations, sales and marketing is currently led by Arun Nagarajah.
- No shares will be allotted or issued based on this document after six months from the closing of the offer period.
- This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
- This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.
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