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Virtuix has raised over $19 million from more than 6,500 investors in its latest round of funding for its Omni One virtual reality treadmill.
The Austin, Texas-based Virtuix will use the proceeds to launch Omni One, an omni-directional treadmill for consumers that lets players walk and run inside popular games and virtual worlds.
Virtuix’s “Omni” technology makes VR more tactile and immersive by letting you physically move while wearing a VR headset. The treadmill’s 360-degree experience enables players to walk or run in any direction inside their favorite videogames. Most of the original Omni treadmills went into commercial locations.
Backed by Mark Cuban and other major investors, Virtuix has shipped over $10 million worth of commercial Omni systems to entertainment venues in 45 countries, including top locations like Dave & Buster’s. Virtuix’s upcoming product, Omni One, is a consumer version of the Omni treadmill.
Three top investment pros open up about what it takes to get your video game funded.
CEO Jan Goetgeluk said in an email to GamesBeat that the Omni One frees you up so that you’re no longer restricted by the limited space of your home. He said the company worked with SeedInvest, an online investment platform, to complete its Series A-2 financing round, which included a fundraising campaign under SEC Regulation A (“Reg A”). Reg A allows qualified private companies to sell shares to non-accredited investors.
“The proceeds of this round will be used to bring Omni One to market, our upcoming home product,” said Goetgeluk. “Our ‘Reg A’ campaign on SeedInvest was over-subscribed by $3 million, so we added a $2 million extension round to accommodate the extra investor demand. In total, we’ve raised $19 million in this round.”
The company has 35 employees.
Virtuix’s Reg A campaign allowed anyone to purchase shares in Virtuix, and the minimum investment was only $1,000. More than 6,500 investors participated in the round.
Omni One will feature its own game store with 30 titles at launch, including games developed by Virtuix alongside top titles licensed from third parties. Virtuix plans to sell Omni One for $1,995 (or $55 a month on a monthly payment plan). This pricing puts Omni One in line with mid-tier gaming PCs or connected fitness gear like a Peloton bike.
I’ve followed Virtuix for a long time and used its earlier versions. Goetgeluk started the company in April 2013, and he has taken it through ups and downs. To date, Virtuix has shipped nearly 4,000 Omni Pro systems to more than 500 commercial entertainment venues around the world. Omniverse, Virtuix’s proprietary content platform offering 24 VR games and built-in esports competitions, has hosted over two million plays to date. To date, Virtuix has raised more than $35 million. The company plans to launch the Omni One in late 2021.
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