VirtuSphere Update | Shark Tank Season 1
With virtual reality on the rise, it is no surprise that inventors have been finding different uses for it. Ray Latypov and Jim Dimascio created a program to help with military training in high-risk situations. With their company earn a deal on
Shark Tank VirtuSphere Update
- Entrepreneurs: Ray Latypov and Jim Dimascio
- Business: Virtual reality program
- Ask: $1.5 million for 10% equity
- Result: No deal
- Shark: None
Ray and Jim introduced the VirtuSphere with a demonstration of the product from Ray. Kevin O’Leary was immediately interested in testing it out himself and was invited into the huge hamster ball with a VR headset.
After trying it out, Kevin said it was an incredible experience. Robert Herjavec was also very intrigued by the prospect.
All the sharks balked at the ask, but wanted to discuss more figures.
Each VirtuSphere cost about $14,000 to make and is sold for about $35,000. The sharks didn’t see this product as appealing to commercial consumers in the near future.
Ray and Jim stated that they wanted to pursue more US military bases and work in collaboration with them.
Despite enjoying the product, Kevin went out because he didn’t see the product as profitable. Kevin Harrington followed, stating that he also saw some potential liability issues with the VirtuSphere.
Barbara Corcoran went out because she couldn’t relate to the product, as she saw it more as a boys’ toy and too high risk.
Daymond John followed and went out because he didn’t have enough expertise or relevant contacts for this endeavor. Robert hesitated, stating that this was one of the products he’d been most interested in so far.
Nevertheless, he went out because he thought it was still too early on in its development.
Ray and Jim had to leave
Our VirtuSphere update reveals that the company is still in business with an estimated annual revenue of around $3 million.
It seems that it has been appealing to niche markets without breaking into the commercial world. You can check it out on the VirtuSphere website.
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