Given the popularity of virtual reality, it is not surprising that creators have come to create a variety of applications for it. An application was developed by Jim Dimascio and Ray Latypov to aid in educating soldiers in risky scenarios. With their business, they closed a transaction during Season 1 of Shark Tank.
The Sharks were initially impressed with the product. However, with this incredible idea, the Sharks believed that the company lacked profitability and marketing strategy. Will they accept the product? Check out the article.
Quick Facts
| Founders name: | Ray Latypov, Jim Dimascio |
| Business details: | A virtual reality system |
| Founded in: | 2005 |
| Location: | Binghamton, New York, USA |
| Asking of Company: | $1.5 million for 10% equity |
| Accepted Deals: | No deal |
| Shark on board (Investors): | None |
| Shark Tank Episode: | Season 01 Episode 09 |
| Net Worth | $3 million |
| Business Status: | Out of Business |
| Last Updated: | Mar 14, 2024 |
About the Founder
Ray Latypov and Jim Dimascio are the directors of VirtuSphere. The pair started the business in 2003, and it focuses on creating and producing software for computers. The business is based in New York and employs a crew of seven.
Although VirtuSphere does not reveal its financial standing to society at large, they are known to be making $150,000 in revenues.
Founding the VirtuSphere
A virtual reality (VR) technology called VirtuSphere enables viewers to become completely absorbed in a multimedia experience. By enabling people to walk about in a simulated space, it enhances the immersion offered by contemporary VR headgear.
The platform’s ability to spin in all directions gives an individual unrestricted flexibility to move around or run. The system can be used for educational, entertainment, and training purposes.
Shark Tank Appearance
Ray and Jim, the two revolutionary executives, entered the pitch with sharp perception. They requested $1.5 million for 10% ownership.
Ray gave a product demo that they together debuted the VirtuSphere. Kevin O’Leary was allowed into the enormous hamster wheel using the VR headset because he was intrigued right away to try it for the first time. Kevin used it and thought this was wonderful.
The idea also piqued Robert Herjavec’s interest. The sharks unanimously objected to the request but desired to talk about additional statistics.
Every VirtuSphere gets manufactured at roughly $14,000 and marketed at around $35,000 apiece. However, the sharks were skeptical of the item.
Ray and Jim declared that they wished to seek out.
Kevin left even though he liked the result since he was not convinced if it would turn out effective. Then he stated that his opinion was that the VirtuSphere would have certain accountability risks as well.
Barbara Corcoran left as she was unable to comprehend its contents and felt it was overly dangerous and ideally intended for guys.
Daymond John stepped out and others joined since he lacked the knowledge or connections needed to undertake this project. This had been one of the offerings that Robert was particularly intrigued by up to that point, but he paused.
After Shark Tank
VirtueSphere is running tight and smoothly, despite its failure on Shark Tank. The company gained popularity due to its appearance on the show. Since then, the worth raised almost $10 million.
It has made appearances at CES, Google IO, and other international trade exhibitions.
The valuation of the company during its pitch on Shark Tank was $15 million. Its estimated worth as of July 2021 is $3 million. However, their current worth is not known.