What Happened to Virtusphere After Shark Tank?
What is Virtusphere?
The Virtusphere is a spherical virtual reality device. It is built of a 10-foot hollow sphere that is placed on a platform that allows the sphere to freely rotate in any direction based on the user’s motions.
Ray and Nurulla Latypov established the Virtusphere, and Virtusphere Inc. is based in Binghamton, New York.
It is compatible with computer-based simulations and virtual worlds and rotates as the user walks, allowing the user to walk on an endless plane.
A wireless head-mounted display with gyroscopes is used to track the user’s head movement while also displaying the virtual world’s surroundings.
Fitness, video gaming, military training, and virtual museum trips are just a few of the applications for Virtusphere.
Who is the founder of Virtusphere?
The Virtusphere was established by Ray and Nurulla Latypov, and their company, Virtusphere Inc., is based in Binghamton, New York.
In the IT world, this extraterrestrial super-sized plastic globe is referred to as a virtual hamster ball. Its purpose is to simulate reality for the individual who enters it and plays. Simulations of real-world scenarios, on the other hand, aren’t only for entertainment.
The Virtusphere is a cutting-edge technology that might be used to train military or law enforcement personnel in high-risk, dangerous circumstances in a safe and controlled environment.
It may also literally transfer players into their favorite video games. Once a person is at ease inside the sphere, they are free to move around, which means they may run, leap, move from side to side, and act as if they are in the actual world.
With a price tag of roughly $50,000, it’s not exactly a mass-market product. Its large size, along with its expensive price, makes it difficult to sell. The inside of the sphere is 100 square feet and has a diameter of 10 feet.
What Happened to Virtusphere’s Pitch on Shark Tank?
Ray Latypov and Jim Dimascio, the creators of Virtusphere, choose to pitch their concept to Shark Tank investors for a partnership.
Latypov and Dimascio, two forward-thinking entrepreneurs, joined Shark Tank with their eyes wide open, seeking a $1.5 million investment in exchange for 10% ownership of their $15 million company.
They required the funding to aggressively attack 59 US military locations. They also thought their product might be utilized as a recruiting marketing tool. The Sharks, on the other hand, saw things differently.
Latypov and Dimascio were polar opposites. When Kevin O’Leary asked if he might try it, it sparked his attention.
While he was enthralled and entertained by the Virtusphere, which he described as “absolutely beautiful,” he was also the first Shark to declare himself out.
None of the Sharks expected the reality simulator to sell well to the general public in the real world. It was both too expensive and too large.
Before exiting, Kevin Harrington suggested that the Virtusphere could have liability issues. Barbara Corcoran remarked that she thought it was a man’s toy and couldn’t relate to it. She left because it was “too rich” for her.
Daymond John kept it simple before apologizing, explaining that he lacked the capacity and contacts to make this happen. Perhaps Robert Herjavec had the best understanding of it. He did, however, back out of the deal. The visionary entrepreneurs left the pitch without a deal from the Sharks.
What Happened to Virtusphere After it was rejected by Shark Tank?
Despite the fact that the company left Shark Tank without a contract, a dozen customers purchased the virtual reality simulator from the company’s website.
A military facility, a U.S. Army medical center, a naval research complex, and other organizations are among those that have purchased it. Owners are located in Germany, Russia, Switzerland, and the United Kingdom, in addition to the United States.
In August 2013, the company launched a 40-day Kickstarter campaign to raise $100,000 for the 360specs virtual reality headset. The fundraiser was a failure because it raised less than 4% of its goal.
The company is still in business as of July 2021, with annual revenue of $3 million.
Who are Virtusphere’s competitors?
Virtusphere’s main competitors are TheZeroVR, Cyberith Virtualizer, and FOVE VR.
Virtusphere’s Net Worth
During and after the pitch, the firm was valued at $15 million. The company has an estimated net worth of $5 million.
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Virtusphere FAQs
What is Virtusphere?
The Virtusphere is a spherical virtual reality device that allows the user to simulate reality. This is useful in real-world training, military simulations, and video games.
What is the cost of the Virtusphere?
The product costs between $25,000 and $50,000 depending on the customization.
How does Virtusphere work?
The Virtusphere is based on an extremely robust gyroscopic sensor, which tracks the user’s body and head movement. This is how the device uses sensors to “see” and track the user’s motions.
Who was the founder of Virtusphere?
Ray Latypov founded Virtusphere Inc. He is based in Binghamton, New York.
What is Virtusphere made of?
The plastic Virtusphere is made of 100% recyclable PVC.
What games can I play with the Virtusphere?
Users can play any game that they’re used to playing inside a video game console. Virtusphere will work with almost any computer-based game. The user plays in a virtual reality that is completely safe and controlled, with no physical danger.
Can I train to become a professional athlete?
Yes. Virtusphere allows the user to improve physical strength and stamina, along with agility. It’s a safe way to train and play while staying fit.
What is the biggest weakness of Virtusphere?
The price tag of Virtusphere ($50,000) makes it difficult to sell commercially. The size of the device (10 feet in diameter) is also a drawback for many potential buyers.
Is Virtusphere safe for children to use?
The Virtusphere is designed for adults over the age of 18. Children should play with similar products that are designed for their age group.
What can I do with Virtusphere?
The user can play games, improve physical fitness and agility, compete against friends or family members, or even simulate an entire program to learn how to react in a dangerous situation.
Does Virtusphere have any side effect?
The Virtusphere doesn’t cause any side effect as long as the user plays within the limits of their health.
What is a Virtusphere’s workout like?
The Virtusphere can be used to work out and increase physical strength, agility, and endurance. The device will assist them in developing a more fit body and mind.
Does Virtusphere help with balance?
It will enhance a person’s balance. The Virtusphere helps the user stay on their feet, ready to react and act.
What is the Virtusphere size?
The 10-foot diameter of the device makes it difficult for many people to fit in one room. This is why the company is creating a smaller version. When this new model gets released, it will be even easier to maneuver in any location and room.
Does Virtusphere help in reducing weight?
Yes. The Virtusphere can help a person shed excess weight by allowing them to exercise and play at the same time. While they’re having fun, they’re building physical endurance.
What challenges does the Virtusphere face?
The Virtusphere faces a lot of challenges including public perception and cost. The company is also trying to make it smaller, which will make it easier for players to maneuver inside the device.
