Virtuix Files for Reg CF Offering, Will List Securities Offering with DealMaker

Virtuix, previously a serial funder on SeedInvest, has filed a Form C to raise capital under Reg CF – this time with DealMaker. Simultaneously, Virtuix has filed a Form D to raise money under Reg D 506c for accredited investors – a fairly typical practice for issuers raising money online.

Virtuix is a virtual reality platform that has created the Omni One, an omni-directional treadmill that enables players to walk or run in any direction through video games and other virtual environments.

Just last month, Virtuix announced that it was shipping the Omni One to early investors from back in 2020. At the same time, Virtuix announced that it has a waitlist for Omni One of more than 35,000 subscribers. The Omni One’s curent price is $2,595 plus shipping, which also includes the Pico Neo 3 Pro standalone headset. The Pico Neo 3 Pro headset, is said to use the same processor, providing the same resolution as Meta’s Quest 2 but offers a wider field of view.

When the availability of the Omni One was announced, Jan Goetgeluk, founder and CEO of Virtuix, said that after extended delays, including COVID challenges and supply chain issues, the Omni One has turned out to be an awesome product.

According to the offering circular filed with the Securities and Exchange Commission, Virtuix hopes to raise over $4 million in a sale of Series B preferred shares. A minimum investment of $1000 is required. Investments also include perks at various levels. At $20,000, you also receive an Omni One. Virtuix is raising funds at a pre-money valuation of $170 million.

An interesting twist, according to the filing, is that Virtuix recently pursued a SAFE on StartEngine Crowdfunding, but no SAFEs were issued. At the same time, approximately $1.1 million was committed, and the company expects to receive about $900,000 in total funded investments – thus keeping the offering under the Reg CF funding cap ($5M).

For the Reg D offering, Virtuix is hoping to raise up to $3 million of SAFEs to accredited investors. As of March 17, 2023, $561,174 worth of Reg D SAFEs were issued and outstanding.

Virtuix states in a recent release that over its lifetime, Virtuix has raised $35 million. The company adds that it has now shipped over $16 million worth of products, which includes over 4,000 Omni Pro systems across 45 countries and 70 Omni Arena systems to US venues such as Dave & Buster’s.

Virtuix reports that revenue for the fiscal year 2022 was $3,709,966, a 76% increase compared to the fiscal year 2021 revenue of $2,103,090.
The sales were primarily driven by an increase in Omni Arena installations, a business product. Like most early-stage firms, Virtuix needs to keep pursuing funding rounds until it becomes profitable.

According to the document:

“We plan to take our success in commercial entertainment and scale it into the home. The time is now: the technology is ready, the business model is mature, and the market is asking for our product. We have a devoted player base of over 300,000 players and an established waitlist for Omni One of over 35,000 subscribers. With the proceeds of this financing, we’ll be able to expand our working capital and ramp up the production of Omni One. Join our mission to roll out Omni One and bring our popular gaming experience to millions of homes around the world.”

The securities offering is yet to go live, but it appears it will be available to investors soon.

 

 

 


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