Virtusphere Shark Tank Update | Virtusphere after Shark Tank

What is Virtusphere?

Virtusphere is a virtual reality device with a spherical shape. It is made out of a 10-foot hollow sphere that is put on a specific platform that allows the sphere to freely rotate in any direction according to the user’s movements.

Ray and Nurulla Latypov established the Virtusphere, and their firm, Virtusphere Inc., is situated in Binghamton, New York.

It works with computer-based simulations and virtual worlds, and it spins as the user walks, allowing the user to walk on an infinite plane.

A wireless head-mounted display with gyroscopes is used to track the user’s head movement as well as to show the virtual world’s surroundings.

Virtusphere can be used for a variety of reasons, such as fitness, video games, military training, and virtual museum visits.

Who is the founder of Virtusphere?

Ray and Nurulla Latypov founded the Virtusphere, and their firm, Virtusphere Inc., is situated in Binghamton, New York.

This alien super-sized plastic orb is known in the IT world as a virtual hamster ball. It is intended to replicate reality for the person who enters it and plays. However, simulations of real-world situations aren’t simply for fun.

The Virtusphere is a high-tech device that might be used to teach military or law enforcement professionals in high-risk, dangerous scenarios in a safe and controlled setting.

It is also capable of virtually transporting gamers into their favorite video games. Once a person is comfortable inside the sphere, they may move around freely, which means they can run, leap, move from side to side, and act as if they are in a real-world environment.

It’s not exactly a mass-market product, with a price tag of around $50,000. Its size, in addition to its high price, makes it difficult to sell. The sphere has a 10 foot diameter and a 100 square foot interior.

What Happened to Virtusphere at Shark Tank pitch?

The inventors of Virtusphere, Ray Latypov and Jim Dimascio, chose to propose their invention to Shark Tank investors for a partnership.

Latypov and Dimascio, two forward-thinking entrepreneurs, entered Shark Tank with their eyes wide open, seeking a $1.5 million investment in return for 10% of their firm at a valuation of $15 million.

They needed the funds to target 59 US military sites aggressively. They also believed their product might be used as a recruitment marketing tool.

The Sharks, on the other hand, had a different perspective. They were polar opposites of Latypov and Dimascio.

Kevin O’Leary’s interest was piqued when he inquired if he might sample it. While he was fascinated and amused by the Virtusphere, calling it “absolutely wonderful,” he was also the first Shark to proclaim himself out.

None of the Sharks anticipated that the reality simulator would sell successfully to the general people in the actual world. It was both too pricey and too big.

Before Kevin Harrington bailed, he mentioned that the Virtusphere could have liability difficulties. Barbara Corcoran stated she believed it was a guy toy and couldn’t relate to it. It was “too affluent” for her, so she left as well.

Before excusing himself, Daymond John kept it simple, noting that he lacked the ability and relationships to make this happen.

Perhaps Robert Herjavec had the finest comprehension of it. However, he exited the deal. The entrepreneurs of visionary exited the pitch without striking a deal from Sharks.

What Happened to Virtusphere after Shark Tank?

Despite the fact that the firm exited Shark Tank without a contract, there are a dozen consumers who have purchased the virtual reality simulator on the company’s website.

Among its purchasers are a military facility, a U.S. Army medical center, a naval research complex, and many institutions.

Outside of the United States, there are owners in Germany, Russia, Switzerland, and the United Kingdom.

In August 2013, the business started a 40-day Kickstarter effort to fund $100,000 for the 360specs virtual reality headset.

The fundraising failed since it raised less than 4% of its objective.

The firm is still in operation as of July 2021, with annual revenue of $3 million.

Who are the Competitors of Virtusphere?

The primary competitor of Virtusphere is: TheZeroVR, Cyberith Virtualizer and FOVE VR.

Net Worth of Virtusphere

During the pitch the company was valued at $15 million. In 2021 the company has a net worth of $5 million.

Virtusphere FAQs

What is Virtusphere?

Virtusphere is a virtual reality device with a spherical shape. It is made out of a 10-foot hollow sphere that is put on a specific platform that allows the sphere to freely rotate in any direction according to the user’s movements.

Who is the founder?

Ray and Nurulla Latypov founded the Virtusphere, and their firm, Virtusphere Inc., is situated in Binghamton, New York.

How much were they asking on Shark Tank?

They were asking for $1.5 million for 10% stake of their company.

Did they get the deal?

No, they didn’t get the deal.

Is Virtusphere still in business?

Yes, the business is still in business as of July 2021.

How much revenue is Virtusphere generating?

It generated $3 million in revenue in the year 2021.

What are the competitors of Virtusphere?

The primary competitors of Virtusphere are: TheZeroVR, Cyberith Virtualizer and FOVE VR.

How much does Virtusphere cost?

The Virtusphere costs $50,000.

How do I purchase Virtusphere?

One can buy it from the official website of the company.

What is the virtual reality device?

A virtual reality device is a computer system used to generate interactive real-time, three-dimensional environments which can be explored and interacted with by a person.

Though virtual reality as an area of research dates back to the 1960s, it wasn’t until the 1980s that new technologies such as better computers and biometric monitoring entered the market, which led to the development of consumer virtual reality technology.

How does it work?

The Virtusphere works with the user’s body movements to control a virtual environment that can be explored and interacted with.

The movements are captured by sensors, analyzed by a brain-computer interface, and converted into electronic signals which then read information from input devices such as mouse or keyboard.

The signals are stored on the solid state storage of the computer in real time.

Is Virtusphere safe?

Yes it is safe as it has electronic protection to capture the brain signals of users.

What is a HUD?

A head-up display (HUD) is any transparent display that presents data without requiring users to look away from their usual viewpoints.

The origin of the term stems from a pilot being able to see essential data projected on the HUD instead of looking down at instrument panel.

How Virtusphere does make money?

It makes money through the virtual reality sales of the product.

How do we rate Virtusphere?

Virtusphere is a very good investment. It’s a safe investment as there’s no risk of legal issues with the firm. It has proven itself to be very successful since it is still in business and generating tremendous revenue.

There are not many companies as of this moment that has achieved success and growth like Virtusphere has had over the past few years.

It also seems to be on the right track, being able to add more growth to its revenue in the short term and long term.

Is Virtusphere legit?

Yes, the business is legit.

Is Virtusphere accepting PayPal?

No, they do not take PayPal.

Is Virtusphere SEC-compliant?

No, they are not SEC-compliant.

What is the net worth of Ray Latypov?

Ray Latypov net worth is $12 Million.

What is the net worth of Jim Dimascio?

Jim Dimascio net worth is $5 Million.