xReality Group Limited (XRG) announced that its largest shareholder, Steve Baxter, has increased his commitment to the company by converting his $4.6 million debt holdings into equity at a 39% premium, subject to shareholder approval at an upcoming EGM. Baxter now operates Australia’s only structured fund that invests in defence-related business called Beaten Zone Venture Partners.
Known for co-founding PIPE Networks (sold to TPG for $373 million in 2009) and his role on Shark Tank Australia, Baxter, ex-ADF, brings decades of defence experience and scaling tech ventures. Through TEN13 and Beaten Zone Ventures, he has supported innovative Australian defence and technology companies, making his deepened involvement with XRG a significant endorsement.
Baxter’s move underscores his confidence in Operator XR, XRG’s immersive extended reality (XR) training solution for military and law enforcement. Having secured a $5.6 million U.S. Department of Defense contract in 2024 and expanded among U.S. law enforcement agencies, Operator XR is on a rapid growth path. Baxter’s strategic insights, drawn from his deep understanding of U.S. defence and security sectors, further support this momentum.
“I’m backing Aussie vets with a market leading product winning in the US, proven product-market fit and a level of innovation and adaptation drawn from the unique nexus of hands-on Special Forces experience and leading immersive tech capabilities” Baxter said. This isn’t just about financial support—it’s about doubling down on a team that’s cracking open a massive opportunity in the XR training and simulation market. Operator XR is poised to redefine how law enforcement and defence sectors leverage immersive technology, and my familiarity with these key markets only strengthens my conviction in XRG’s trajectory.”
Wayne Jones, CEO of xReality Group, welcomed the move as a powerful endorsement of the company’s vision. “Steve Baxter’s continued support is a testament to the strength of our business and the game-changing potential of Operator XR,” Jones said. “His decision to convert at a premium reflects not just confidence in our growth, but the value of his strategic insights and sector relationships. Steve’s insights into scaling tech businesses and penetrating high-value markets like defence and public safety are incredibly valuable; his support strengthens our growth strategy and balance sheet as we scale Operator XR.”
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