The upcoming feature is Virtual Reality, with numerous innovations emerging in this field. Virtusphere, created by Ray Latypov and Jim Dimascio, is a VR platform that aids in military simulation training and enhances the experience of playing VR video games effectively.
To expand their business and secure funding, both Latypov and Dimascio appeared on Shark Tank. Did they get a deal for their business? Let’s find out the current status of their venture.
| Company Name | Virtusphere | |
| Founder/Co-Founder | Ray Latypov and Jim Dimascio | |
| Founded | 2008 | |
| Product | VR platform | |
| Asked For | $1.5M for 10% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S1 E9 | |
| Air Date | Oct 13th, 2009 | |
| Business Status | Out of Business | |
| Website | Visit Website | |
| Headquarters | Binghamton, New York, United States | |
| Lifetime Sales | $10M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Ray Latypov and Jim Dimascio came into the Shark Tank seeking $1.5 million for a 10% equity stake in their company, valuing it at $15 million. Kevin O’Leary personally tested the VR platform and found it quite intriguing.
Latypov mentioned that the current price for a single VR platform is approximately $35,000, but they anticipate selling it for $10,000 in future iterations. They have also successfully sold this platform to the military for $50,000 each.
Dimascio mentioned that it costs approximately $14,000 to produce each unit, and they anticipate it will take 13 years to become profitable.
In addition, they need funding to go to military bases and demonstrate how effective their product is for simulation training.
Kevin O’Leary is concerned about whether this product is for the consumer market or not, so he is out. Kevin Harrington said that it would take a long time to recoup his investment, so he is out.
Barbara Corcoran said she couldn’t relate to this VR platform product, so she is out.
Daymond John told Latypov and Dimascio that they need a strategic partner, but he has no idea about it, so he is out.
All 5 Sharks declined to invest in this business.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Barbara Corcoran | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deals |
Virtusphere Shark Tank Update
After appearing on national television, the VR platform product garnered significant interest from various sectors, including the military, universities, and the general public.
The virtual reality industry is experiencing rapid growth, with numerous new businesses emerging. During our research on the Virtusphere update, we discovered some important information. COO Jim DiMascio departed from the business in March 2010, but the business is still operational and running.
The company is currently generating an annual revenue of $3 million. For information on product options, prices, and availability, please visit the official website of Virtusphere.
If you’re still interested in learning more updates about Season 1 businesses, below are some links shared.
