So, I think there really is something in this. It may be 10 years before they hit a home run in terms of a mass shipment at decent volume, but I think I want one of these just so I start working out more - in any kind of weather - give me an adventure game where I go around doing stuff!
Offering - $2.33 per share (of preferred stock) for a total intended fund of $15m. What if they're oversubscribed? Existing stock : 5.5m common, 7.3m preferred - good to know :)
The company's operating expenses consist of rent, payroll, professional services, selling expenses, and research and development. Operating expenses for Fiscal 2015 totaled $3,449,829, a 113% increase from $1,619,573 for Fiscal 2014. The primary components of the increase from 2014 to Fiscal 2015 were:
- 137% increase in general and administrative expenses covering personnel costs, rent, insurance, professional and legal services, and expenses incurred other than for sales activities. The principal driver of this increase was the increase in personnel of the company from approximately 10 persons to 30; and
- 105% increase in research and development expenses due do the availability of funds to engage in necessary research and development of the core product following capital raising efforts.
| Age | 3 years (2013) | |
| Seed Money | Kickstarter $150k goal | Overshot by about 1 mil in < 4 hours from posting |
| CEO | Jan Goetgeluk | Belgian (Ghent, Mech Engg, MBA, investment banking background) |
| Other investment | $8 mil | Mark Cuban, 2020 Ventures |
| Precedents | Oculus | Also raised seed money on KS and later got picked up by FB for $1b! |
| Competition | Tuncay Cakmak | Cyberith Virtualizer (Austria) ($1.8m funding to date) |
| My prediction | CV will eliminate the sensors to reduce cost | Good enough computer vision can look at the player and say what he's doing - which can simplify things a lot - so a new entrant might capture the "market" quickly if one develops |
| My embellishments | What I'd add | A way to sit - and take a rest - if you want to keep playing but have to step out of the chamber to just sit for a few minutes, that's lame - this should be an easy one to solve - maybe a wearable chair? |
| Sample concern | Duncan Murray (Feb 29) | Dear Virtuix - this is getting a little silly now. Are we going to ever get our Omnis? In 4 months time, it'll be 3 years since you achieved your funding goal, but still no product. Also, do you really think that you'll generate $25M in funding for a company which hasn't shipped a product for 3 years? Less trade shows, less TRAVR, more production would be fantastic - I keep getting updates about how the Omni will he here, or how your game/experience (which nobody backed) is coming along and to be honest - I'm not interested. I have many other games and my own projects I want to experience with the Omni, so can we please just get actual units shipped? 3 years is getting really too much. |
| Sample response | Hey Duncan, the good news is that they have started shipping. I have mine (it's awesome BTW, I hope you get yours soon), and a number of other Pathfinders have theirs. It's a small batch for user testing, but as soon as they've learned everything they can from that they'll work on getting the rest out. The trade shows have been important for a variety of reasons, and they have a separate game development team for TRAVR so that's not holding anything back either. Although it wasn't part of the main campaign, it was a stretch goal, so some of us did pledge for TRAVR, and I still think it's a great idea for the Omni to come with a game that shows everyone how cool decoupled movement is. Here's a video of me trying to explain why de-coupled is such a great feature: | |
| Sample concern | Avi Muchnick | Hi Virtuix, I would like a refund. I would not have ever backed this project if I knew that it would be 3 years late and honestly, I feel duped and just don't want to support this project any longer, even if some have now started shipping. Can you please let me know how to get a refund? I would appreciate it, thank you. |
| Sample response | Creator @ Virtuix | Hi Avi, We're sorry to hear you would like to cancel your pledge. We have sent you a message regarding this. Best regards, The Virtuix Team |
| Sample concern | Peter Lawn | When, please when. A straight answer is all I ask. Its not that a complicated product compared to a huge list I could give that have been produced and shipped in less than half the time. When, in a quarterly year basis can we expect .?? Please, A little respect.. Thanks |
| Sample response | Jan | Hi Peter, Scott: I understand your frustration with not knowing the exact production and delivery schedule, and so are we. We are currently working on this schedule with our manufacturing partners and will communicate when available. Production of the Omni is not a picnic, as our product includes more than 140 different components and materials (shoes, fabric, harness, various metals, plastics, electronics, etc.). Our Pathfinder program is a success, so rest assured that you will receive a high quality product. Thank you for your continued patience and support. Best regards, Jan |
| Sample compliment | Austin Ramsdale (could be fake - no one with this name shows up on LI) | Hi all - As a part of the Pathfinder program, I just received mine yesterday! I can vouch for the quality and heft of this product! It's absolutely amazing, and they have really thought through everything. You can tell, when putting it together, how well it's been engineered to not only fit together easily, but provide a very stable platform to move on (even on a second floor, there is no give or wobble in the base). The software is improving, and probably one of the major things getting improvements through the Pathfinder program - trust me, you want this thing to be really ironed out before shipping. All in all, very happy with my Omni, and don't fret - when it arrives, you will appreciate how much Jan and the team has gone through to get it to you. |
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