From Shark Tank To $2.7 Million – Virtuix Omni Gets Funding, Adds Activision Advisors

By   /   Dec 11, 2014

The Virtuix Omni, that treadmill that works in conjunction with Oculus Rift, has been able to successfully complete a round of funding worth $2.7 million. This enhancement to virtual reality (VR) devices allows its users to simulate what it would like to be to walk in a fictional world, through a 360° degree slab.

CEO Jan Goetgeluk of Virtuix hopes this will expedite the commercial release of their appliance. Currently, it’s possible to get a Virtuix Omni for a preorder price of $499, which is quite steep for what’s essentially a gadget.

Moreover, the treadmill doesn’t come with an Oculus Rift, which it needs to have the actual VR world. It’s that limitation that originally made the device less desirable to investors.

Virtuix took on investment TV show Shark Tank, where it presented the unit in development. Ultimately, it was shot down by Mark Cuban and associates for being too narrow of a demographic to hit.

On that TV show, the Virtuix CEO asked for $2 million, in return for a 10% stake in the company. Fun fact: After Facebook acquired Oculus Rift for $2 billion, the Virtuix Omni suddenly became a lot more credible and Cuban’s Radical Investements joined other ventures to back the project.

Additionally, the company has added two advisors from Activision to its board. Kai Huang is responsible for the Guitar Hero explosion and will use that knowledge to push trinkets on VR enthusiasts, while Mike Griffith joins as the former CEO of Activision and current Vice Chairman.

Via GamesIndustry.biz.