Shark Tank Update
Shark Tank Pitch
Virtuix Omni Shark Tank Update
Published:
3m
Austin, TX
| Name | Virtuix Omni |
|---|---|
| Main Presenters | Jan Goetgeluk |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 12/16/2022 |
| Main Location | Austin, TX Loading Map |
| Order Shown in Episode | 2 |
| Final Deal | All Sharks went Out |
Virtuix Omni Shark Tank Pitch
Jan Goetgeluk thinks technology is finally ready for virtual reality to take off in gaming. Jan created the Virtuix Omni as a low-friction surface, allowing 360-degree running to interact with a virtual reality game. Virtuix Omni is an accessory to a separate purchase of the virtual reality headset from the company Oculus and other separately purchased equipment. Jan is also proposing Virtuix Omni as a weight loss tool.
Virtuix Omni raised $1.1 million on Kickstarter in preorders for 3k units. The product sells for $499 through their website. Jan uses a hypothetical based on the amount of Oculus headsets sold to assume if he converts 1% of those customers into buying a Virtuix Omni he will do $12 million in sales next year.
If my husband brought this into my house, I would divorce him immediately.
The sharks find the product a hassle and eye soar to put in a home, find gamers will not want to or be able to use the device for long periods, find the accessory will have competing outlets, will become rapidly outdated as technology progresses, and the valuation is astronomical. Needless to say, all the sharks go out.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $2 million for 10% of company | |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Out | Daymond John | Out |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Out | Mark Cuban | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Out
Barbara Corcoran
Out
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Virtuix Omni After Shark Tank
According to a 2016 article at medium.com https://firstmark.medium.com/virtuix-omni-from-kickstarter-to-shark-tank-to-ces-9412fd149a26 https://www.kickstarter.com/projects/1944625487/omni-move-naturally-in-your-favorite-gameJan Goetgeluk received a mechanical engineering degree in Belgium, went to graduate school in the U.S., and eventually landed an investment banking job that paid $400k a year. Jan's side hobby was playing with new virtual reality tech and his 360-degree stationary movement concept picked up publicity. He launched the Kickstarter Link Preview
medium.com for Virtuix Omni with a $150k goal, which was surpassed with an astounding $1.1 million in preorders in July 2013.Link Preview
Kickstarter
A 2017 article by cnbc.com https://www.cnbc.com/2017/10/11/facebook-2-billion-bet-on-oculus-not-paying-off-commentary.html notes how Facebook acquired the virtual reality headset company Oculus in 2014 but, as of 2017, was struggling to attract the users it had hoped for but still saw a market. In 2021 Facebook announced it was changing its name to Meta and making a significant pivot to focus on virtual reality. Still, in 2022, virtual reality remains a niche but growing market.Link Preview
cnbc.com
According to a 2014 article by roadtovr.com https://www.roadtovr.com/mark-cuban-shark-tank-virtuix-omni-3-million-3000000-investment-funding-venture-capital, Mark Cuban's investment company, Radical Investments, was part of a larger group that collectively raised $3 million for Virtuix in 2014, not long after Facebook purchased Oculus.Link Preview
roadtovr.com
In 2020 Jan Goetgeluk went on the 7Investing https://podcasts.apple.com/us/podcast/virtual-realitys-going-mainstream-with-virtuix-ceo-jan/id1578119179?i=1000529915693 podcast. Jan said in 2012 and 2013, they were focused on consumer products. Jan attributed their path to the Gartner hype cycle, meaning they started with overhype followed by a quiet period and have since plateaued in the middle. Virtuix transitioned into selling Omni Arenas to arcades and entertainment centers such as Dave & Busters. They have shipped over $10 million in products as of 2020.Link Preview
7Investing
According to venturebeat.com https://venturebeat.com/games/virtuix-raises-11-million-on-seedinvest-for-omni-one-vr-treadmill https://www.seedinvest.com/virtuix Virtuix raised $30 million to date as of 2021. $22 million was raised on seedinvest.com Link Preview
venturebeat.com , where the general public could invest. Arcades struggled during the covid panic while the home VR market surged. Virtux decided to pivot again to target home devices and released the Omni One, similar to what we saw on Shark Tank. They plan to model the business plan off of the Peloton stationary bike and sell the hardware but also charge an ongoing gaming subscription.Link Preview
seedinvest.com
As of 2022 Jan Goetgeluk's LinkedIn https://www.linkedin.com/in/jan-goetgeluk https://www.facebook.com/VirtuixOmni https://x.com/virtuixomni https://www.virtuix.com has posts that Virtuix is hiring game developers. As of 2022 they actively post on Facebook Link Preview
LinkedIn and their Twitter, @virtuixomni Link Preview
Facebook . Their website is virtuix.com Link Preview
@virtuixomni , where they allow people to be notified when they start taking preorders for the Omni One.Link Preview
virtuix.com
Join the Newsletter
Stay up to date on the latest news and updates occuring in the Shark Tank world.
Join the Newsletter
Stay up to date on the latest news and updates occuring in the Shark Tank world.
