Virtuix Omni Virtual Reality Treadmill Update | Shark Tank Season 5
Jan Goetgeluk has invented a way to physically engage gamers, using virtual reality. It’s the only product of its kind, but does it have wide enough appeal to earn a deal on
Shark Tank Virtuix Omni Update
- Entrepreneurs: Jan Goetgeluk
- Business: VR gaming treadmill
- Ask: $2 Million dollars in exchange for 10%
- Result: No deal
- Sharks: None
Jan brought his virtual reality company Virtuix Omni to the tank. His treadmill platform integrates with the popular Oculus Rift VR headset and any video game that is controlled by keyboard. It enables the user to walk, run, jump and crouch as the game responds to the user’s movements in any direction. When secured on the platform and paired with a VR headset, the user enjoys a fully immersive experience.
Jan told the sharks that they had launched the product on Kickstarter in June and raised $1.1 million. Barbara Corcoran asked if the headset was included in the price of the platform, and Jan said it wasn’t included and retailed separately for $300. The light gun used in the demo was also an add-on, and would cost the user. Kevin O’Leary remarked that the total cost, including components, could end up costing the customer $800-$900.
The sharks wanted to discuss Jan’s $20 million valuation of his company. He explained that the VR headset company, Oculus Rift, shared the same market as his own company. He said the headset company was expected to sell 500,000 headsets in the next year. If Virtuix could sell 1 in 20 of their customers an Omni platform, they would sell 25,000 units in the next year. That would earn them $12.5 million in sales.
Robert Herjavec argued that the difference between the headset and the platform was that the platform forced people to be active, while wearing the headset could be passive if the user chose. Kevin didn’t like the idea of valuing the company based on future sales projections.
Barbara thought the platform would take up too much space in an average-sized living area, and the retail footprint would be costly as well. Daymond John said that gamers weren’t in good enough shape to use it more than a few times. Mark Cuban said that the technology would change quickly and the company would have to push very hard to stay ahead of the competition.
All sharks were out and Jan left without a deal. What became of his company? Keep reading our Virtuix Omni update to find out!
We have interesting news to report for our Virtuix Omni update. In the years since his pitch, Jan went on to raise more than $20 million, and has shipped over $10 million of product, all over the world. Products are available on the Virtuix Omni website, and you can even preview it for yourself at Dave & Buster’s.
Would you like to learn about the other companies featured on Season 5 Episode 11? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 5 Products Page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!