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AMP New Ventures / Technology Innovation
Virtual Reality (VR) Continuum
December 2016
1
Perspective
If the Internet is the sharing of information, then Virtual Reality (VR) is
the sharing of experiences; and if most customer experiences are digital,
then Virtual Reality (VR) must be important, for it is the next frontier in
digital.
VR immerses users in indistinguishably real simulated environments,
while Augmented Reality (AR) blends the digital into our physical
environments. In the past month, PlayStation VR was released along
with Google VR, to join a global ecosystem of VR content, infrastructure
and platforms startups, projected to be worth $160bn by 2020.
Given It will transform experiences across industries, including Financial
Services, and the expert consensus is that mainstream adoption is ~5
years away, we recommend Financial Services companies start
exploring VR/AR possibilities now.
Contents
Perspective
Ecosystem
Virtual Reality (VR)
Augmented Reality (AR)
Applications
• Financial Services
• The new social media
• vCommerce
• Workplace transformation
Why now
Market size 26
Startup examples 30
2
3
5
12
1
19
20
17
22
21
18
3
Virtual Reality
User in completely digital
world
Augmented Reality (AR)
Digital assets overlaid onto the
real world
Augmented Virtuality (AV)
Real world objects or avatars in
virtual world
Reality experiences sit on a continuum from reality to fully immersive
Source: Trekk
4
Source: TheVRfund
VR ecosystem consists of infrastructure, platform and content startups
7
There are two kinds of people: Those who think VR will change the world. And those who haven’t tried VR.
5
6
Virtual Reality
An immersive simulation of a 3D environment, created using
interactive software and hardware, and experienced or controlled by
the user through the body.
AR Applications Why nowVR Investment Startup Examples
VR has evolved from simple pictures to powerful immersive experiences
over the past 60 years
7
Selected Milestones
1960:Sensorama
prototype by Morton
Heilig
1968: First HMD
system: The sword of
Damocles
1985:Data Glove for
commercial use by VPL
1987:Virtual
Reality coined
by VPL’s
Lanier
1993:Sega
announces VR
prototype
1999:’The Matrix’
released
2007: Google
introduces
Street View
2014: Facebook buys
Oculus for US $2bn
2014:Google
invests US$500m
in Magic Leap
1994:Nintento
releases
Virtual Boy
1983: First
Nintendo
released
Present
Feb 2016:
Alibaba invests
~$800m in
Magic Leap
Sep 2016:
PlayStation VR
Released
Oct 2016:
Facebook demos
VR Social Media
2014: Google
Cardboard
released
8
Video is sent from the smartphone, console or computer
to the headset via a HDMI cable on to a HD display
The picture sits behind a lens and
ranges up to 360 degree field of view
but is typically 100 or 110. The
wearer sees an expansive 3D
panorama
Interchangeable lenses
for different sizes and
sight conditions
Accelerometer that
detects head movements
Gyroscope that helps the video
rotate in 3 different axis (X,Y,Z)
Infrared sensors for eye tracking
Source: MIT technology review
Oculus Rift
Headset teardown
9
Today’s range in headsets
It is likely that AR and VR headsets will converge into one that does both
Price (USD) $3000 $800 $800 $400 $100 $80 $5
Release date March 2016 May 2016 March 2016 October 2016
December
2015
November
2016
June 2015
Units shipped ~10k ~500k ~500k 2.6m ~2.3m 500k 10m+
Platform
In-built PC PC PC PlayStation 4
Samsung
Flagship phone
PC Mobile
Mobility Yes No No No Yes Yes Yes
Controller
Camera and
depth sensor
Laser towers
Handheld
remote (Oculus
touch)
Dualshock 4
and PS Move
Trackpad
Handheld
remote
Single button
HTC Vive Samsung Gear
VR
Microsoft
Hololens (AR)
PlayStation VR
Google
Daydream
Google
Cardboard
Oculus Rift
Stand-alone device Tethered to another device (PC,
Console etc.)
Cradle that holds a mobile phone
High-end Cheap
10
Capture: Use a Multi-camera rig to
capture video or objects across a 180* by
360* area simultaneously.
VR film techniques (audio, framing, lighting
etc.) are much more complicated that
normal video shooting.
Edit: Extract content from each camera
via SD cards, sync in video software such
as Autopano and stitch together 360
spherical panorama shot. Effects such as
sound, interactivity and colour can be
added in.
Watch: Use a VR headset, Cardboard
VR Viewer or Mobile phone to view
videos
Nokia VR Camera
Autopano software Oculus Rift
Google Cardboard
Virtual Reality
How content is created
Create: Objects can be built in virtual
worlds through CGI (Computer generated
imagery) or transferred into the virtual world
through volumetric scans
1 2 3
OR
11
Virtual Reality
Applications span across industries
Healthcare
Surgeons operate in VR to
practice difficult procedures
ahead of time
Entertainment
Fully immersive cinematic
experiences (Virtual
stadiums, Concerts, Theatre)
Manufacturing
VR Headsets used to
experience, build and inspect
prototyping designs
Education
Virtual classes to observe historic,
natural and architectural sites to
drive deeper subject engagement
Charity
Charities are allowing people to
experience first hand hardships
such as war, poverty and natural
disaster for a deeper impact
Sporting
Coaches using player point of
view simulations to train
teams, devise plays and re-
visit past games
Military
Virtual combat simulations
are used to train soldiers
before they are deployed in
real life
Travel
Travel agencies let customers
experience destinations in VR
before they book, from views
such as helicopter or submarine
12
Augmented Reality
Digital information is overlayed onto the physical world
AR Applications Why nowVR Investment Startup Examples
Augmented Reality (AR) supplements reality whereas Virtual Reality
(VR) replaces reality
13
Augmented Reality (AR) is a hybrid reality
technology, overlaying the real world with
digitally rendered media. It is the overlap
between the virtual and the real.
AR is typically available through smartphones
or devices such as Microsoft Hololens, which
obtain geo locational information, and overlays
it with with tags, Images, videos etc.
Pokémon Go became the most
viral app ever within 10 days of its
release in 2016
Snapchat’s AR Lenses have
attracted 100m+ daily active users
Microsoft Hololens is a headset
controlled by gestures, gaze and
voice
How Augmented Reality (AR) works
14
Digital information is projected
onto the object, usually computer
generated videos/3D models. The
software updates its projection multiple
times per second in response to the
environmental changes
Camera identifies object 1 of 3
ways:
• Markerless tracking: Computer vision
is used to recognise objects
• Marker tracking: A data code (e.g.
QR) is printed on or near the object
that the device scans and reacts to.
• GPS tracking: Geolocation data is
used to identify places (i.e.
restaurants, landmarks etc.)
Orientation is measured
such as depth and movement using
accelerometers, orientation and
barometric sensors
How content is created: Content developers use software such as Sketchup or Revit to design 3D models and implement
animations. The more complex the character or object, the longer this will take. 3D content libraries such as Sketchfab are emerging
where designers and developers publish open source content.
1 2 3
Optics System
Light engine beams photos
through holographic lens
(waveguides) into the users eyes
to project holographic images
Microsoft Hololens
Headset teardown
15
Companies such as Google and Samsung
have submitted patents for ‘Smart contact
lenses’ built for AR.
Depth Camera
To sense how far away things
are with a 120 x 120 degree
span of vision
In-built Computer
which contains CPU, GPU and HPU
receiving terabytes of data every
second from sensors
Mixed reality
video camera
2 megapixel camera that
records what you see
including holographic
elements
Microphone for voice commands
16
Augmented Reality
Applications span across industries
Healthcare
Handheld scanners that
project over skin to show up
veins, as well as AR glasses
to help operate in the surgery
room
Entertainment
A wave of AR gaming apps such
as Pokémon Go and Ingress
have gained mass popularity,
along with social media
applications such as Snapchat
Retail
Items can be scanned with AR tech to
surface specs such as price, stock
and make. For example, Ikea is
allowing consumers to visualise pieces
of furniture in their homes using 3D
models
Education
3D models to help visualise
sites or objects to deepen
make learning more engaging
Military
Equipment such as the ARC4
allows commanders to transmit
data such as maps and targets
directly to the soldiers helmet
Advertising
Absolut Vodka launched an AR
app that takes consumers on a
3D tour of Åhus, the Swedish
village where the vodka is
produced once scanned
Industrial
Manuals can show up on next to
complicated manufacturing or
industrial equipment once
pointed at
Tourism
Overlaid geo-locational tagging and
data, virtual hotel room selection
and booking, automatic
translations, GPS navigation
17
Applications
VR Continuum
AR Applications Why nowVR Investment Startup Examples
18
Financial Services
If you want engagement, entertain
Experiencing goals and
retirement planning in VR
Individuals could visualise their personal
journeys toward retirement and relate to it in a
meaningful way, beyond just numerical
balance forecasts as seen in most financial
plans today. In being more engaging, people
would in turn better prioritise their decisions. A
Stanford study has also proved that Millennials
more actively engage with retirement planning
after seeing an age-morphed version of
themselves, now dubbed as the Proteus effect.
Step into your future property
Today, if you were to purchase a property off
the plan, you are likely to be given a
brochure and at best, a display suite. VR
experiences will allow the buyer to walk
inside a Virtual property, instantly testing and
selecting features such as materials, colours,
lighting etc. As home purchasing is an
emotional decision, experiencing the actual
space will lead to higher sales conversions.
Start Smart VR – CBA
Children don’t want to engage with
lessons on money management
because they feel it’s irrelevant to
them, however CBA is making a bet
on immersive entertainment to trigger
engagement and improve financial
literacy.
In October 2016, CommBank (CBA)
launched its Start Smart Virtual
Reality pilot in 24 schools across
Australia, where children experience
the story book ‘Sammy the Space
Koala’ with the aid of a VR headset, to
reinforce money lessons learnt in
class and distinguishing between a
‘Need’ and ‘Want’.
Second lifestyle in Aged Care
Is it possible that aged care residents in the
future might choose to spend a large portion of
the rest of their lives in Virtual worlds?
Aged Care Residents at Mercy Health are
being teleported around the world via a VR
headset as part of a pilot designed specifically
for aged care and dementia patients. As a
result, some residents have significantly
improved in sociability and memory.
19
Vcommerce
Immersion leads to conversion
Ecommerce to Vcommerce
In 2015, Amazon’s market cap surpassed
Walmart, while for the first time, more U.S
shoppers purchased online (103m) than in
stores (102m) for Thanksgiving and Black
Friday weekends. While this inflection point
for e-commerce is testament to its rise in
favour with shoppers, it still faces a
longstanding challenge: human nature’s
inherent desire to ‘try before you buy.’
35% of shoppers would be more open to
purchasing online if they could experience a
product virtually, according to a
Walkersands ‘Future of Retail 16’ report.
Accordingly, E-commerce giants such EBay
and Alibaba are aggressively doubling
down on their VR strategies. Global E-
commerce is set to hit USD $4t by 2020.
Show me possibilities
Coca Cola’s use of Cimagine’s AR
technology allows businesses to visualise
vending machines and fridge placements.
Since its adoption, Coca Cola has seen a
20% increase in its sales of coolers, while
decreasing its sales visits from 3 to 1.
Meanwhile, Ikea’s is building an AR
application that will allow customers to
see what furniture would look like in their
homes.
VISA & House of Holland
– Augmented Payments
In August, Visa Europe experimented
with their image recognition
technology at the UK fashion brand
House of Holland’s menswear launch,
where consumers were able to point
their mobile camera at models as they
came out and purchase runway
designs on the spot.
20
Social media
The future of social networking
Deeper Social Interaction
Undoubtedly, the next frontier in social media
will be in a virtual space, where social
interaction will be an attempted replication of
real in-person interaction. This could solve a
problem that today’s social platforms face,
where the focus has been on posting media and
following celebrities, rather than actual
relationship-deepening interaction.
Hang out anywhere
Social VR will allow people to choose
immersive and convincing settings to interact. It
could be in the office, on the moon or on
hammocks in the Hamptons. While this ‘Virtual
Tourism’ could be exciting on its own, the live
virtual presence of ‘friends’ is what will make it
meaningful and increase time spent.
Supernatural
In a VR world, physical constraints such as
gravity, space and material are non-existent,
opening up supernatural possibilities and
shared experiences such as flying, engaging in
light saber battles, teleportation etc.
Social VR (Facebook)
Since purchasing Oculus in 2015 for
$2bn, Facebook has doubled down on
its effort in VR capabilities, growing its
team to 400.
In October 2016, Zuckerberg wow’d
the world with a demonstration of
Social VR, a platform Facebook is
creating where people could meet in
virtual environments as avatars to
chat, play games, make calls, switch
worlds and more.
"We should build software and
experiences that follow the way our
minds work and process the world,"
Zuckerberg said. "Virtual reality is the
perfect platform to put people first
because of presence."
21
Workspace Transformation
Greater flexibility, mobility and cost reductions
AR will bring life to data
and make it simple
Large amounts of data typically stored
in spreadsheets, will be viewable and
easily manipulated on the go, hands-
free, increasing productivity.
This could allow for easier off-site
customer engagement, where agents
could easily explain concepts, show
designs and talk through data, without
the need for a whiteboard or projector.
Virtual conferencing:
Unprecedented flexibility and
mobility
• The ability to collaborate and communicate
face to face in a virtual space will allow a
new form of flexibility and mobility, which is
being increasingly valued by employees,
especially motivated, organised and self-
starter types.
• Attending International conferences or
meetings could be done easily from the
comfort of a home or office, avoiding
traveling time and costs, while still
experiencing near-person intimacy.
• Lower overhead costs, for suitable business
which may no longer require leasing an
office space full-time and as a result, reduce
utility and technology costs.
3D design thinking will be applied to
information so it can be best interpreted
or experienced, making it particularly
easier for those who are not familiar with
numerical or technical formats.
8ninths / Citibank –
Floating trade data
8ninths worked with Citibank to
develop a Hololens app where
financial traders can litter their
environment with floating
investment data visualisations
such as graphs and charts to help
them better consume information
throughout their trading day.
22
Why now
VR Continuum
AR Applications Why nowVR Investment Startup Examples
23
Advancement in Graphics (GPUs)
When Sony released the Nintendo console in 1983, 3D graphics entered the
consumer home for the first time ever. Since then, over the past 20 years, video
games have carried the torch for improvement in 3D Graphics.
Why it matters
For VR experiences to be convincing and comfortable, a minimum framerate of
60 per second is required, which in turn requires a minimum GPU and CPU
power. Fortunately, Moore’s Law which states that the processing power of
transistors doubles every year, has held and taken care of the commercial
affordability of GPU and CPUs required to support immersive VR experiences.
Computer cost/performance (1992 – 2012) Madden NFL 2004 vs..
Madden NFL 2015
Why now?
Advancement in Video Game graphics
24
Downward cost pressure via smartphones
At the core of every VR headset are the guts of a smartphone (LCD
Screen, Camera, Circuit Board). ~6bn billion people have
smartphones (over 80% of the world population) and this mass
production has driven down the cost of these components over time.
For example, the estimated material cost of an Apple Iphone 5 (16g)
is $168 with the HD LCD screen costing less than $20 and Camera
less than $10. To draw a comparison, a 4k resolution 5.5 inch LCD
screen (required for a VR experience) would have cost $8,500 in
2003.
Cheaper MEMS (Gyroscopes, Accelerometers)
VR headset components also include Microelectromechanical
Systems (MEMS), such as Gyroscopes and Accelerometers which
have also dropped in price significantly, thanks in part to their broad
use in smartphone and wearable devices.
For example. A 3-axis accelerometer costing $3 in 2007 can now be
purchased for $0.65, almost 5x cheaper. A 1-axis gyroscope was
priced $15 in 2006 and are now available for under $2.
Why now?
Affordable Hardware
25
Cost of content
Content is yet to catch up to hardware in VR, due to the high development
costs as professionals in this space (VR UX, 3D Modelling, Architects) are
still rare. In film, Hollywood is yet to figure out effective cinematic
techniques and are hesitant to invest in full length films. However, VR
hardware producers are priming a wave of VR content. In June 2015,
Oculus committed $10m to fund VR games, while in early 2016 HTC
announced its allocation of $100m to the Vive x VR Accelerator.
Motion Sickness
Latency is still an issue, where there is a tiny but perceptible delay
between when you move your head in VR and when the image in front of
your eyes changes—creating a mismatch between how we feel and what
we see. In VR, latency can be as low as 20 milliseconds, however this can
easily increase depending on the application and cause some users to feel
sick.
Difficulty in tricking all senses
VR is currently audio and visually immersive, however it is still hard to trick
all senses such as physical limb movements or taste or smell. Haptic
technologies are being to solve this, for example the Tactical Haptics
Controller or Rift Touch bring ‘your hands into VR’ and AxonVR’s
Exoskeleton lets you feel pressure and temperature in virtual worlds. Other
challenges include building in impact physics and feeling the weight and
gravity of virtual objects.
Not yet?
Limitations
26
Investment
VR Continuum
AR Applications Why nowVR Investment Startup Examples
27
$1.7b of AR/VR VC investments in the 12 months to Q1 2016 with $1.2b
invested in Q1’16 , of which ~$800 m went into Magic Leap
4 AR/VR Unicorns exist today
Magic Leap ($4.5bn), Oculus ($2bn), Blippar ($1.5bn), Mindmaze ($1bn)
$800m investment in
Magic Leap (Series C)
$540m investment in
Magic Leap (Series B)
Source: Digi-Capital
28
Revenue forecast
AR/VR to hit $150bn revenue by 2020 with AR taking lions share
Source: Digi-Capital
29
Revenue Share
Games and film will dominate VR, while a-commerce will dominate AR
Source: Digi-Capital
30
Startup examples
Virtual Continuum
AR Applications Why nowVR Investment Startup Examples
31
Magic Leap
Bring magic into the world
Description
Magic Leap is considered the most hyped AR startup today, having raised a
~$800m Series C funding in February 2016 at a valuation of $4.5b post-
money, with a commercial product yet to launch.
What it does
Known for being secretive about its developments, we only know that Rony
Abovitz (CEO Magic Leap) is working on an AR headset, which will rival
existing headsets such as the Microsoft Hololens. They have also released
app teasers such as this robot-fighting game and this holographic desk
experience, which have contributed to the hype.
Why it matters
For many, VR is seen as potentially isolating and an imperfect
substitution for real face-to-face conversation. AR offers the opportunity
to enhance, rather than replace, the reality we all currently share.
As such, its applications could be more readily understood and adopted
by the broader community, beyond gaming and film. However, a high
quality, scalable wearable AR technology has still not been developed, with
Google class coming closest. Hence, Magic Leap’s stated intention of an AR
headset is generating significant buzz.
Founded 2011, Florida
32
Description
Perhaps the most successful Kickstarter campaign ever launched, Oculus is
today’s poster child in consumer VR hardware, specifically for its GearVR and
Oculus Rift headsets. Only 2 years after its launch in 2012, Facebook bought
Oculus for $2b.
What it does
Statista forecasts 3.6m Oculus Rift and 5m Samsung GearVR headsets be sold
in 2016. Apart from headsets, Oculus also creates gesture control devices such
as the Oculus Touch and has an open source development kit in which the tech
community can use to build apps.
Why it matters
Oculus has inspired a new wave of applications, from researchers to film makers
to sporting enthusiasts, some of which are available at the Rift store. Its new
parent company Facebook, which has 1.7bn active users, is investing heavily in
VR according to Mark Zuckerberg who has grown the VR team at FB to 400. In
October 2016 at the Oculus conference, Zuckerberg presented a social media
VR demo where people could meet in a virtual environment as avatars to chat,
play games, switch worlds and more.
Oculus
Making Virtual Reality a reality
Oculus is Latin for ‘eye’.
Touch: ‘hands in VR’
Founded 2012, California
33
Snapchat
Augment your selfies
Description
Snapchat is a popular social media app that allows users to send customisable
pictures, videos and messages which self-destruct in seconds. It has 100m
daily active users and its popularity is largely attributable to its AR face filters.
In October 2016, Snapchat made an announcement to IPO in early 2017 at a
valuation range of $30b - $40b.
What it does
• Lenses: AR face filters that transform your face into a dog, pumpkin,
goddess etc. using facial recognition. Snapchat’s facial recognition
capabilities owe to its $150m acquisition of Ukrainian startup Looksery.
• Geo-filters: Special overlay that decorates the snap with where, when,
temperature, speeds and can be created for special events (concerts,
political events, sporting matches).
• Spectacles: Snapchat has announced its first wearable ‘Spectacles’, which
are sunglasses with in-built cameras to take up to 30 second videos and
connected to the Snap app.
Why it matters
• No.1 social media for millennials according to Statista
• 100m daily active users
• Valuation of ~$40bn in 2016
While Facebook and others have aggressively copied Snapchat features
(Instagram Stories, Messenger layout), Snapchat’s defensibility comes from the
fact that it is not just a social media company, but also an AR company. Snap’s
decision to release hardware ‘Spectacles’ will further solidify its position and
popularity with millennials.
Snapchat’s first wearable ‘Spectacles’, glasses with an
in-built camera (worn by CEO Evan Spiegel)
AR Dog ears filterGeolocational filter
Founded 2011, California
34
Jaunt VR
Immerse in cinema
Description
Disney-backed Jaunt is making it easier for creators to produce VR
content, focusing on cinematic experiences and aiming to become the
‘Netflix’ for VR.
What it does
• Jaunt App is a worldwide distribution channel for cinematic VR
experiences across platforms and headsets.
• Jaunt One Camera simultaneously records 3D stereoscopic video in
all directions, capturing the material needed for VR stitching
• Jaunt Cloud is a publicly available cloud-based software for cloud-
based rendering and stitching
Why it matters
A primary barrier to mainstream adoption of VR right now is the lack of
quality content. With tech such as Jaunt, anyone including musicians,
sportsmen, documentary film makers will be able to create unique
immersive experiences.
Director Christopher Nolan says VR will be its own medium “I never get
asked anymore, ‘do you think video games will kill movies?’ 10 years ago
I was asked that all the time. They’re two different mediums.”
Jaunt films
Jaunt camera
Founded 2011, California
@AMP_NV
new_ventures@amp.com.au

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Virtual Reality (VR) Continuum - AMP New Ventures

  • 1. AMP New Ventures / Technology Innovation Virtual Reality (VR) Continuum December 2016
  • 2. 1 Perspective If the Internet is the sharing of information, then Virtual Reality (VR) is the sharing of experiences; and if most customer experiences are digital, then Virtual Reality (VR) must be important, for it is the next frontier in digital. VR immerses users in indistinguishably real simulated environments, while Augmented Reality (AR) blends the digital into our physical environments. In the past month, PlayStation VR was released along with Google VR, to join a global ecosystem of VR content, infrastructure and platforms startups, projected to be worth $160bn by 2020. Given It will transform experiences across industries, including Financial Services, and the expert consensus is that mainstream adoption is ~5 years away, we recommend Financial Services companies start exploring VR/AR possibilities now.
  • 3. Contents Perspective Ecosystem Virtual Reality (VR) Augmented Reality (AR) Applications • Financial Services • The new social media • vCommerce • Workplace transformation Why now Market size 26 Startup examples 30 2 3 5 12 1 19 20 17 22 21 18
  • 4. 3 Virtual Reality User in completely digital world Augmented Reality (AR) Digital assets overlaid onto the real world Augmented Virtuality (AV) Real world objects or avatars in virtual world Reality experiences sit on a continuum from reality to fully immersive Source: Trekk
  • 5. 4 Source: TheVRfund VR ecosystem consists of infrastructure, platform and content startups
  • 6. 7 There are two kinds of people: Those who think VR will change the world. And those who haven’t tried VR. 5
  • 7. 6 Virtual Reality An immersive simulation of a 3D environment, created using interactive software and hardware, and experienced or controlled by the user through the body. AR Applications Why nowVR Investment Startup Examples
  • 8. VR has evolved from simple pictures to powerful immersive experiences over the past 60 years 7 Selected Milestones 1960:Sensorama prototype by Morton Heilig 1968: First HMD system: The sword of Damocles 1985:Data Glove for commercial use by VPL 1987:Virtual Reality coined by VPL’s Lanier 1993:Sega announces VR prototype 1999:’The Matrix’ released 2007: Google introduces Street View 2014: Facebook buys Oculus for US $2bn 2014:Google invests US$500m in Magic Leap 1994:Nintento releases Virtual Boy 1983: First Nintendo released Present Feb 2016: Alibaba invests ~$800m in Magic Leap Sep 2016: PlayStation VR Released Oct 2016: Facebook demos VR Social Media 2014: Google Cardboard released
  • 9. 8 Video is sent from the smartphone, console or computer to the headset via a HDMI cable on to a HD display The picture sits behind a lens and ranges up to 360 degree field of view but is typically 100 or 110. The wearer sees an expansive 3D panorama Interchangeable lenses for different sizes and sight conditions Accelerometer that detects head movements Gyroscope that helps the video rotate in 3 different axis (X,Y,Z) Infrared sensors for eye tracking Source: MIT technology review Oculus Rift Headset teardown
  • 10. 9 Today’s range in headsets It is likely that AR and VR headsets will converge into one that does both Price (USD) $3000 $800 $800 $400 $100 $80 $5 Release date March 2016 May 2016 March 2016 October 2016 December 2015 November 2016 June 2015 Units shipped ~10k ~500k ~500k 2.6m ~2.3m 500k 10m+ Platform In-built PC PC PC PlayStation 4 Samsung Flagship phone PC Mobile Mobility Yes No No No Yes Yes Yes Controller Camera and depth sensor Laser towers Handheld remote (Oculus touch) Dualshock 4 and PS Move Trackpad Handheld remote Single button HTC Vive Samsung Gear VR Microsoft Hololens (AR) PlayStation VR Google Daydream Google Cardboard Oculus Rift Stand-alone device Tethered to another device (PC, Console etc.) Cradle that holds a mobile phone High-end Cheap
  • 11. 10 Capture: Use a Multi-camera rig to capture video or objects across a 180* by 360* area simultaneously. VR film techniques (audio, framing, lighting etc.) are much more complicated that normal video shooting. Edit: Extract content from each camera via SD cards, sync in video software such as Autopano and stitch together 360 spherical panorama shot. Effects such as sound, interactivity and colour can be added in. Watch: Use a VR headset, Cardboard VR Viewer or Mobile phone to view videos Nokia VR Camera Autopano software Oculus Rift Google Cardboard Virtual Reality How content is created Create: Objects can be built in virtual worlds through CGI (Computer generated imagery) or transferred into the virtual world through volumetric scans 1 2 3 OR
  • 12. 11 Virtual Reality Applications span across industries Healthcare Surgeons operate in VR to practice difficult procedures ahead of time Entertainment Fully immersive cinematic experiences (Virtual stadiums, Concerts, Theatre) Manufacturing VR Headsets used to experience, build and inspect prototyping designs Education Virtual classes to observe historic, natural and architectural sites to drive deeper subject engagement Charity Charities are allowing people to experience first hand hardships such as war, poverty and natural disaster for a deeper impact Sporting Coaches using player point of view simulations to train teams, devise plays and re- visit past games Military Virtual combat simulations are used to train soldiers before they are deployed in real life Travel Travel agencies let customers experience destinations in VR before they book, from views such as helicopter or submarine
  • 13. 12 Augmented Reality Digital information is overlayed onto the physical world AR Applications Why nowVR Investment Startup Examples
  • 14. Augmented Reality (AR) supplements reality whereas Virtual Reality (VR) replaces reality 13 Augmented Reality (AR) is a hybrid reality technology, overlaying the real world with digitally rendered media. It is the overlap between the virtual and the real. AR is typically available through smartphones or devices such as Microsoft Hololens, which obtain geo locational information, and overlays it with with tags, Images, videos etc. Pokémon Go became the most viral app ever within 10 days of its release in 2016 Snapchat’s AR Lenses have attracted 100m+ daily active users Microsoft Hololens is a headset controlled by gestures, gaze and voice
  • 15. How Augmented Reality (AR) works 14 Digital information is projected onto the object, usually computer generated videos/3D models. The software updates its projection multiple times per second in response to the environmental changes Camera identifies object 1 of 3 ways: • Markerless tracking: Computer vision is used to recognise objects • Marker tracking: A data code (e.g. QR) is printed on or near the object that the device scans and reacts to. • GPS tracking: Geolocation data is used to identify places (i.e. restaurants, landmarks etc.) Orientation is measured such as depth and movement using accelerometers, orientation and barometric sensors How content is created: Content developers use software such as Sketchup or Revit to design 3D models and implement animations. The more complex the character or object, the longer this will take. 3D content libraries such as Sketchfab are emerging where designers and developers publish open source content. 1 2 3
  • 16. Optics System Light engine beams photos through holographic lens (waveguides) into the users eyes to project holographic images Microsoft Hololens Headset teardown 15 Companies such as Google and Samsung have submitted patents for ‘Smart contact lenses’ built for AR. Depth Camera To sense how far away things are with a 120 x 120 degree span of vision In-built Computer which contains CPU, GPU and HPU receiving terabytes of data every second from sensors Mixed reality video camera 2 megapixel camera that records what you see including holographic elements Microphone for voice commands
  • 17. 16 Augmented Reality Applications span across industries Healthcare Handheld scanners that project over skin to show up veins, as well as AR glasses to help operate in the surgery room Entertainment A wave of AR gaming apps such as Pokémon Go and Ingress have gained mass popularity, along with social media applications such as Snapchat Retail Items can be scanned with AR tech to surface specs such as price, stock and make. For example, Ikea is allowing consumers to visualise pieces of furniture in their homes using 3D models Education 3D models to help visualise sites or objects to deepen make learning more engaging Military Equipment such as the ARC4 allows commanders to transmit data such as maps and targets directly to the soldiers helmet Advertising Absolut Vodka launched an AR app that takes consumers on a 3D tour of Åhus, the Swedish village where the vodka is produced once scanned Industrial Manuals can show up on next to complicated manufacturing or industrial equipment once pointed at Tourism Overlaid geo-locational tagging and data, virtual hotel room selection and booking, automatic translations, GPS navigation
  • 18. 17 Applications VR Continuum AR Applications Why nowVR Investment Startup Examples
  • 19. 18 Financial Services If you want engagement, entertain Experiencing goals and retirement planning in VR Individuals could visualise their personal journeys toward retirement and relate to it in a meaningful way, beyond just numerical balance forecasts as seen in most financial plans today. In being more engaging, people would in turn better prioritise their decisions. A Stanford study has also proved that Millennials more actively engage with retirement planning after seeing an age-morphed version of themselves, now dubbed as the Proteus effect. Step into your future property Today, if you were to purchase a property off the plan, you are likely to be given a brochure and at best, a display suite. VR experiences will allow the buyer to walk inside a Virtual property, instantly testing and selecting features such as materials, colours, lighting etc. As home purchasing is an emotional decision, experiencing the actual space will lead to higher sales conversions. Start Smart VR – CBA Children don’t want to engage with lessons on money management because they feel it’s irrelevant to them, however CBA is making a bet on immersive entertainment to trigger engagement and improve financial literacy. In October 2016, CommBank (CBA) launched its Start Smart Virtual Reality pilot in 24 schools across Australia, where children experience the story book ‘Sammy the Space Koala’ with the aid of a VR headset, to reinforce money lessons learnt in class and distinguishing between a ‘Need’ and ‘Want’. Second lifestyle in Aged Care Is it possible that aged care residents in the future might choose to spend a large portion of the rest of their lives in Virtual worlds? Aged Care Residents at Mercy Health are being teleported around the world via a VR headset as part of a pilot designed specifically for aged care and dementia patients. As a result, some residents have significantly improved in sociability and memory.
  • 20. 19 Vcommerce Immersion leads to conversion Ecommerce to Vcommerce In 2015, Amazon’s market cap surpassed Walmart, while for the first time, more U.S shoppers purchased online (103m) than in stores (102m) for Thanksgiving and Black Friday weekends. While this inflection point for e-commerce is testament to its rise in favour with shoppers, it still faces a longstanding challenge: human nature’s inherent desire to ‘try before you buy.’ 35% of shoppers would be more open to purchasing online if they could experience a product virtually, according to a Walkersands ‘Future of Retail 16’ report. Accordingly, E-commerce giants such EBay and Alibaba are aggressively doubling down on their VR strategies. Global E- commerce is set to hit USD $4t by 2020. Show me possibilities Coca Cola’s use of Cimagine’s AR technology allows businesses to visualise vending machines and fridge placements. Since its adoption, Coca Cola has seen a 20% increase in its sales of coolers, while decreasing its sales visits from 3 to 1. Meanwhile, Ikea’s is building an AR application that will allow customers to see what furniture would look like in their homes. VISA & House of Holland – Augmented Payments In August, Visa Europe experimented with their image recognition technology at the UK fashion brand House of Holland’s menswear launch, where consumers were able to point their mobile camera at models as they came out and purchase runway designs on the spot.
  • 21. 20 Social media The future of social networking Deeper Social Interaction Undoubtedly, the next frontier in social media will be in a virtual space, where social interaction will be an attempted replication of real in-person interaction. This could solve a problem that today’s social platforms face, where the focus has been on posting media and following celebrities, rather than actual relationship-deepening interaction. Hang out anywhere Social VR will allow people to choose immersive and convincing settings to interact. It could be in the office, on the moon or on hammocks in the Hamptons. While this ‘Virtual Tourism’ could be exciting on its own, the live virtual presence of ‘friends’ is what will make it meaningful and increase time spent. Supernatural In a VR world, physical constraints such as gravity, space and material are non-existent, opening up supernatural possibilities and shared experiences such as flying, engaging in light saber battles, teleportation etc. Social VR (Facebook) Since purchasing Oculus in 2015 for $2bn, Facebook has doubled down on its effort in VR capabilities, growing its team to 400. In October 2016, Zuckerberg wow’d the world with a demonstration of Social VR, a platform Facebook is creating where people could meet in virtual environments as avatars to chat, play games, make calls, switch worlds and more. "We should build software and experiences that follow the way our minds work and process the world," Zuckerberg said. "Virtual reality is the perfect platform to put people first because of presence."
  • 22. 21 Workspace Transformation Greater flexibility, mobility and cost reductions AR will bring life to data and make it simple Large amounts of data typically stored in spreadsheets, will be viewable and easily manipulated on the go, hands- free, increasing productivity. This could allow for easier off-site customer engagement, where agents could easily explain concepts, show designs and talk through data, without the need for a whiteboard or projector. Virtual conferencing: Unprecedented flexibility and mobility • The ability to collaborate and communicate face to face in a virtual space will allow a new form of flexibility and mobility, which is being increasingly valued by employees, especially motivated, organised and self- starter types. • Attending International conferences or meetings could be done easily from the comfort of a home or office, avoiding traveling time and costs, while still experiencing near-person intimacy. • Lower overhead costs, for suitable business which may no longer require leasing an office space full-time and as a result, reduce utility and technology costs. 3D design thinking will be applied to information so it can be best interpreted or experienced, making it particularly easier for those who are not familiar with numerical or technical formats. 8ninths / Citibank – Floating trade data 8ninths worked with Citibank to develop a Hololens app where financial traders can litter their environment with floating investment data visualisations such as graphs and charts to help them better consume information throughout their trading day.
  • 23. 22 Why now VR Continuum AR Applications Why nowVR Investment Startup Examples
  • 24. 23 Advancement in Graphics (GPUs) When Sony released the Nintendo console in 1983, 3D graphics entered the consumer home for the first time ever. Since then, over the past 20 years, video games have carried the torch for improvement in 3D Graphics. Why it matters For VR experiences to be convincing and comfortable, a minimum framerate of 60 per second is required, which in turn requires a minimum GPU and CPU power. Fortunately, Moore’s Law which states that the processing power of transistors doubles every year, has held and taken care of the commercial affordability of GPU and CPUs required to support immersive VR experiences. Computer cost/performance (1992 – 2012) Madden NFL 2004 vs.. Madden NFL 2015 Why now? Advancement in Video Game graphics
  • 25. 24 Downward cost pressure via smartphones At the core of every VR headset are the guts of a smartphone (LCD Screen, Camera, Circuit Board). ~6bn billion people have smartphones (over 80% of the world population) and this mass production has driven down the cost of these components over time. For example, the estimated material cost of an Apple Iphone 5 (16g) is $168 with the HD LCD screen costing less than $20 and Camera less than $10. To draw a comparison, a 4k resolution 5.5 inch LCD screen (required for a VR experience) would have cost $8,500 in 2003. Cheaper MEMS (Gyroscopes, Accelerometers) VR headset components also include Microelectromechanical Systems (MEMS), such as Gyroscopes and Accelerometers which have also dropped in price significantly, thanks in part to their broad use in smartphone and wearable devices. For example. A 3-axis accelerometer costing $3 in 2007 can now be purchased for $0.65, almost 5x cheaper. A 1-axis gyroscope was priced $15 in 2006 and are now available for under $2. Why now? Affordable Hardware
  • 26. 25 Cost of content Content is yet to catch up to hardware in VR, due to the high development costs as professionals in this space (VR UX, 3D Modelling, Architects) are still rare. In film, Hollywood is yet to figure out effective cinematic techniques and are hesitant to invest in full length films. However, VR hardware producers are priming a wave of VR content. In June 2015, Oculus committed $10m to fund VR games, while in early 2016 HTC announced its allocation of $100m to the Vive x VR Accelerator. Motion Sickness Latency is still an issue, where there is a tiny but perceptible delay between when you move your head in VR and when the image in front of your eyes changes—creating a mismatch between how we feel and what we see. In VR, latency can be as low as 20 milliseconds, however this can easily increase depending on the application and cause some users to feel sick. Difficulty in tricking all senses VR is currently audio and visually immersive, however it is still hard to trick all senses such as physical limb movements or taste or smell. Haptic technologies are being to solve this, for example the Tactical Haptics Controller or Rift Touch bring ‘your hands into VR’ and AxonVR’s Exoskeleton lets you feel pressure and temperature in virtual worlds. Other challenges include building in impact physics and feeling the weight and gravity of virtual objects. Not yet? Limitations
  • 27. 26 Investment VR Continuum AR Applications Why nowVR Investment Startup Examples
  • 28. 27 $1.7b of AR/VR VC investments in the 12 months to Q1 2016 with $1.2b invested in Q1’16 , of which ~$800 m went into Magic Leap 4 AR/VR Unicorns exist today Magic Leap ($4.5bn), Oculus ($2bn), Blippar ($1.5bn), Mindmaze ($1bn) $800m investment in Magic Leap (Series C) $540m investment in Magic Leap (Series B) Source: Digi-Capital
  • 29. 28 Revenue forecast AR/VR to hit $150bn revenue by 2020 with AR taking lions share Source: Digi-Capital
  • 30. 29 Revenue Share Games and film will dominate VR, while a-commerce will dominate AR Source: Digi-Capital
  • 31. 30 Startup examples Virtual Continuum AR Applications Why nowVR Investment Startup Examples
  • 32. 31 Magic Leap Bring magic into the world Description Magic Leap is considered the most hyped AR startup today, having raised a ~$800m Series C funding in February 2016 at a valuation of $4.5b post- money, with a commercial product yet to launch. What it does Known for being secretive about its developments, we only know that Rony Abovitz (CEO Magic Leap) is working on an AR headset, which will rival existing headsets such as the Microsoft Hololens. They have also released app teasers such as this robot-fighting game and this holographic desk experience, which have contributed to the hype. Why it matters For many, VR is seen as potentially isolating and an imperfect substitution for real face-to-face conversation. AR offers the opportunity to enhance, rather than replace, the reality we all currently share. As such, its applications could be more readily understood and adopted by the broader community, beyond gaming and film. However, a high quality, scalable wearable AR technology has still not been developed, with Google class coming closest. Hence, Magic Leap’s stated intention of an AR headset is generating significant buzz. Founded 2011, Florida
  • 33. 32 Description Perhaps the most successful Kickstarter campaign ever launched, Oculus is today’s poster child in consumer VR hardware, specifically for its GearVR and Oculus Rift headsets. Only 2 years after its launch in 2012, Facebook bought Oculus for $2b. What it does Statista forecasts 3.6m Oculus Rift and 5m Samsung GearVR headsets be sold in 2016. Apart from headsets, Oculus also creates gesture control devices such as the Oculus Touch and has an open source development kit in which the tech community can use to build apps. Why it matters Oculus has inspired a new wave of applications, from researchers to film makers to sporting enthusiasts, some of which are available at the Rift store. Its new parent company Facebook, which has 1.7bn active users, is investing heavily in VR according to Mark Zuckerberg who has grown the VR team at FB to 400. In October 2016 at the Oculus conference, Zuckerberg presented a social media VR demo where people could meet in a virtual environment as avatars to chat, play games, switch worlds and more. Oculus Making Virtual Reality a reality Oculus is Latin for ‘eye’. Touch: ‘hands in VR’ Founded 2012, California
  • 34. 33 Snapchat Augment your selfies Description Snapchat is a popular social media app that allows users to send customisable pictures, videos and messages which self-destruct in seconds. It has 100m daily active users and its popularity is largely attributable to its AR face filters. In October 2016, Snapchat made an announcement to IPO in early 2017 at a valuation range of $30b - $40b. What it does • Lenses: AR face filters that transform your face into a dog, pumpkin, goddess etc. using facial recognition. Snapchat’s facial recognition capabilities owe to its $150m acquisition of Ukrainian startup Looksery. • Geo-filters: Special overlay that decorates the snap with where, when, temperature, speeds and can be created for special events (concerts, political events, sporting matches). • Spectacles: Snapchat has announced its first wearable ‘Spectacles’, which are sunglasses with in-built cameras to take up to 30 second videos and connected to the Snap app. Why it matters • No.1 social media for millennials according to Statista • 100m daily active users • Valuation of ~$40bn in 2016 While Facebook and others have aggressively copied Snapchat features (Instagram Stories, Messenger layout), Snapchat’s defensibility comes from the fact that it is not just a social media company, but also an AR company. Snap’s decision to release hardware ‘Spectacles’ will further solidify its position and popularity with millennials. Snapchat’s first wearable ‘Spectacles’, glasses with an in-built camera (worn by CEO Evan Spiegel) AR Dog ears filterGeolocational filter Founded 2011, California
  • 35. 34 Jaunt VR Immerse in cinema Description Disney-backed Jaunt is making it easier for creators to produce VR content, focusing on cinematic experiences and aiming to become the ‘Netflix’ for VR. What it does • Jaunt App is a worldwide distribution channel for cinematic VR experiences across platforms and headsets. • Jaunt One Camera simultaneously records 3D stereoscopic video in all directions, capturing the material needed for VR stitching • Jaunt Cloud is a publicly available cloud-based software for cloud- based rendering and stitching Why it matters A primary barrier to mainstream adoption of VR right now is the lack of quality content. With tech such as Jaunt, anyone including musicians, sportsmen, documentary film makers will be able to create unique immersive experiences. Director Christopher Nolan says VR will be its own medium “I never get asked anymore, ‘do you think video games will kill movies?’ 10 years ago I was asked that all the time. They’re two different mediums.” Jaunt films Jaunt camera Founded 2011, California