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Creating the Virtuix Omni VR Platform // Jan Goetgeluk, Virtuix (FirstMark's Hardwired NYC)

an Goetgeluk, CEO of Virtuix, spoke at FirstMark Capital's Hardwired NYC on January 12, 2016. He discussed his journey from forming an idea to delivering the first version of the Virtuix Omni.

Virtuix is the developer of the Virtuix Omni, a virtual reality platform that enable users to walk, run, and jump in 360 degrees in VR.

FirstMark Capital is an early stage venture capital firm based in New York City.

Hardwired NYC is a monthly event in New York covering the intersection of hardware and software (Internet of Things, 3D printing, robotics, etc.), hosted by Matt Turck, partner at FirstMark Capital. Learn more at http://hardwirednyc.com/ and http://firstmarkcap.com/.

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Creating the Virtuix Omni VR Platform // Jan Goetgeluk, Virtuix (FirstMark's Hardwired NYC)

  1. 1. A Hardware Startup Story Jan Goetgeluk CEO, Virtuix Inc.
  2. 2. Until recently, virtual reality was not ready Source: www.doolwind.com
  3. 3. Virtuix Omni: omni-directional treadmill for VR PLAY
  4. 4. Company Snapshot Virtuix Omni™ • First ever virtual reality platform for moving freely and naturally in video games • $699 price $1.1 million Kickstarter campaign in July 2013 $8 million raised by investors to date • Investors include Mark Cuban, Maveron, Tekton Ventures, Scentan Ventures, Scout Ventures, WTI, and Startcaps Ventures 31 employees; Offices in Austin / Menlo Park / Zhuhai President / COO in China $2.0MM+ pre-order revenues (4,000+ units)
  5. 5. Timeline of events 2007 2008 2009 2010 2011 2012 2013 2014 US Arrival MSME MBA at Rice University J.P. Morgan IB Start of Omni development
  6. 6. Don’t Look For Opportunities Look For Problems
  7. 7. Ideas Are Worth $0 Execution To Commercial Viability Creates Value
  8. 8. Timeline of events 2007 2008 2009 2010 2011 2012 2013 2014 US Arrival MSME Quit JPM Start of Virtuix MBA at Rice University J.P. Morgan IB Start of Omni development
  9. 9. Timeline of events Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 $1.1MM Kickstarter campaign
  10. 10. Timeline of events Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 $1.1MM Kickstarter campaign Shark Tank
  11. 11. Fundraising is the hardest part Get used to getting rejected Chicken vs. The Egg: no one wants to put in the first $100 6-month process $3MM Round completed in April 2014 • Ended up turning away $1MM from 38 investors after upsizing by $1MM • SeedInvest: equity crowdfunding component • Institutional investors: Mark Cuban, Maveron, Tekton, and others
  12. 12. Timeline of events Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 $1.1MM Kickstarter campaign Shark Tank Seed Round 1 complete $3MM raised Add’l $1MM venture debt Seed Round 2 complete $3MM raised Again over-subscribed
  13. 13. Timeline of events Q1’15 Q2’15 Q3’15 Q4’15 Q1’16 Q2’16 Q3’16 Q4’16 $1MM add- on round Delivery of first Omni unit CES 2016 Top Pick Winner Preparing for Series A
  14. 14. Parting Thoughts Entrepreneurship requires determination, hard work, and constant hustling Certain level of ignorance helps Get the right people on the bus and the wrong people off the bus ASAP • When the right people work on the right problems, magic happens Keep your costs down
  15. 15. Thank You

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