Virtuix Omni VR Motion Gaming
NO DEAL
EPISODE SUMMARY
🕓 Air Date: December 6, 2013
Asking For:
$2,000,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Virtuix presents the Omni, an omnidirectional treadmill that immerses users in virtual reality gaming experiences, allowing them to walk, run, jump, and crouch in 360 degrees within the game environment.
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Background Story
Virtuix, based in Houston, Texas, was founded by Jan Goetelvk, a visionary entrepreneur with a passion for technology and gaming. Goetelvk’s background in engineering and his lifelong fascination with gaming converged to inspire the creation of the Omni, Virtuix’s flagship product. Having observed the limitations of traditional gaming interfaces, Goetelvk sought to develop a solution that would immerse players in their favorite virtual worlds like never before.
The idea for the Omni emerged from Goetelvk’s desire to bridge the gap between physical movement and virtual reality experiences. He envisioned a device that would allow users to walk, run, and interact freely within the virtual environment, enhancing both the physical and emotional aspects of gaming. Drawing from his engineering expertise, Goetelvk conceptualized the Omni as an omnidirectional treadmill, eliminating the constraints of conventional gaming controllers and enhancing the sense of presence in virtual reality.
Driven by a determination to push the boundaries of gaming technology, Goetelvk assembled a team of like-minded individuals dedicated to realizing his vision. Together, they embarked on the journey of developing and refining the Omni, overcoming technical challenges and refining the user experience to deliver a product that would revolutionize the gaming industry. With the Omni, Virtuix aims to redefine the way people play and engage with video games, offering a truly immersive and interactive experience that transcends traditional gaming interfaces.
The Product
The Omni by Virtuix is an innovative omnidirectional treadmill designed to revolutionize the gaming experience. Users don special low-friction shoes and a support belt for safety, allowing them to move freely in all directions while immersed in virtual reality environments. Unlike traditional gaming setups that rely solely on handheld controllers, the Omni enables players to physically walk, run, jump, and crouch within the game world, enhancing realism and immersion.
Compatible with existing games that use keyboard input, the Omni can be paired with virtual reality glasses for an unparalleled gaming experience. Its low-friction surface ensures smooth movement, while the support belt provides stability and safety, allowing users to engage in hands-free gaming without fear of falling.
Priced at $499, the Omni is available for purchase on Virtuix’s website, offering gamers the opportunity to elevate their gaming experience to new heights. With its innovative design and immersive capabilities, the Omni appeals to gamers seeking a more interactive and physically engaging gaming experience.
How It Went
The company’s position before Shark Tank
Virtuix, the company behind the Omni omnidirectional treadmill, has shown promising signs of growth and innovation in the gaming industry. Since its inception, Virtuix has successfully raised $1.1 million through crowdfunding on Kickstarter, demonstrating strong initial interest and support for its product. The company’s performance indicates a healthy level of consumer demand and market potential for immersive gaming experiences. Virtuix has established partnerships with leading gaming hardware manufacturers such as Oculus Rift, leveraging their technology to enhance the Omni’s compatibility and appeal to gamers.
These partnerships signify Virtuix’s commitment to collaborating with industry leaders to deliver cutting-edge gaming experiences. While Virtuix primarily sells its products directly to consumers through its website, the company may explore opportunities to expand its distribution channels through partnerships with wholesalers or retailers in the future. By diversifying its distribution network, Virtuix can reach a broader audience of gamers and capitalize on the growing demand for virtual reality gaming peripherals. In terms of funding, Virtuix has relied on a combination of crowdfunding, private investments, and possibly venture capital to finance its operations and product development.
The company’s financial position appears stable, with profits likely reinvested into research and development to further enhance the Omni and expand its product line.Virtuix’s customer base consists of avid gamers seeking innovative and immersive gaming experiences. With its unique product offering and strategic partnerships, Virtuix has positioned itself as a leader in the emerging virtual reality gaming market. The company’s current structure likely includes a dedicated team of engineers, designers, and marketing professionals working collaboratively to drive product innovation and market expansion.
The Negotiations:
During the negotiations on Shark Tank, Jan Goetelvk, the founder of Virtuix, sought a $2 million investment for a 10% stake in the company. However, the Sharks were skeptical of Virtuix’s $20 million valuation, expressing concerns about the company’s future performance and market viability. Despite acknowledging the Omni’s innovative technology and early success on Kickstarter, the Sharks ultimately passed on the deal.
They cited various reasons for their decision, including the high valuation, the challenges of retail distribution, and doubts about consumer demand for the product. Kevin O’Leary raised concerns about the company’s valuation, stating that he was unwilling to pay tomorrow’s price for today’s potential. Barbara Corcoran highlighted the challenges of selling the Omni in retail stores and expressed skepticism about its appeal to consumers.
While some Sharks expressed interest in the product’s potential, they ultimately felt that the risks outweighed the potential rewards. Mark Cuban emphasized the competitive nature of the gaming industry and the uncertainty surrounding future technological advancements. In the end, Jan Goetelvk left the negotiation without a deal, but with valuable feedback from the Sharks. While disappointed by the outcome, he remained determined to continue growing Virtuix and expanding the reach of the Omni in the gaming market.
