Virtuix, a virtual reality platform that is targeting both gaming and commercial markets, is returning to SeedInvest to raise additional capital. The new funding round arrives as the company announces the launch of Omni One, a consumer version of the Omni, an “omni-directional” treadmill that enables players to walk or run in any direction through their favorite videogames and other virtual environments.
Virtuix is currently accepting indications of interest for the Reg A+ offering. A recently filed Form 1-A, indicates that Virtuix intends on raising up to $10 million. The offering circular Virtuix seeks to issue up to 3,337,783 convertible shares at a per-share price of $2.996.
Virtuix notes that it has sold over $10 million worth of hardware and shipped more than 3,500 Omni systems while providing commercial Omni systems to over 500 entertainment venues in 45 countries.
The Omni One is a home version of the Omni Pro. The company says that the Omni One is lighter, more compact (4-ft. diameter), easy to fold up and store, and allows players “unmatched freedom of movement,” including crouching, kneeling, and jumping.
Omni One is an entertainment system that comes with a standalone VR headset (no PC or cables required) and is said to work straight out of the box. Omni One will feature its own game store with 30 titles at launch, including Call of Duty and Fortnite style games developed by Virtuix alongside other titles licensed from third parties.
Jan Goetgeluk, founder and CEO of Virtuix, said:
“Omni One is like nothing else out there – it’s a breakthrough in omni-directional treadmill technology. Compared to Omni Pro, Omni One no longer has a support ring. So, it gives users unrestricted freedom of movement, including crouching, squatting, backing up, and even jumping. You essentially become one with the machine.”
The Omni One seeks to take gaming to the next level by combining actual movement with virtual interactions. Goetgeluk believes there is pent up demand for this type of product – especially while COVID keeps people in semi-lockdown and social distanced. The Omni One is somewhat similar to Peleton as it is an active platform that combines gaming and physical motion.
“Although the COVID-19 pandemic delayed some out-of-home installations, only one order was canceled,” Goetgeluk said. “Sales are now recovering, and installations have resumed. COVID-19 slowed us down in the short term, but on the positive side, it boosted demand for at-home fitness and entertainment products like Omni One. This trend will accelerate our long-term growth.”
Virtuix has received the backing of Mark Cuban and other investors having raised $20 million to date.
By 2022, Virtuix predicts it will have signed up 1.1 million registered Omni players at commercial venues.
Omni One is expected to sell for $1,995 (or $55 per month with a monthly payment plan -kind like Peleton).
Investors in the current Reg A+ offering may receive a 20% discount (worth $400) when buying Omni One or, for those who invest in the first week, a 40% discount worth $800.
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