Entrepreneurs on “Shark Tank” typically have big visions for the future of their respective companies, but few have aimed quite as high as Virtuix, which appeared in the same season as other notable companies such as the Cycloramic App and Ilumi Smart Lightbulbs. The company produces a 360-degree omnidirectional treadmill known simply as the Omni that pairs with motion sensing game controllers and a VR headset for a heightened level of immersion, interaction, and activity.
****
Founder Jan Goetgeluk appeared on the show with hopes of receiving a $2 million investment for 10% of his company — a high ask for a then-burgeoning tech industry. The sharks were nevertheless impressed by the Omni, especially Robert Herjavesc, who got to demonstrate the gaming system during its presentation. Goetgeluk saw the Omni fitting in seamlessly with the promising future of gaming, with VR becoming an increasingly popular platform and the company’s Kickstarter campaign exceeding expectations. However, it did little to impress the sharks, who saw issues with the business model, the product itself, and Goetgeluk’s $20 million valuation.
Goetgeluk initially worked as a mechanical engineer and investment banker before founding Virtuix in 2013. Noticing the rise of affordable motion sensing and VR headset technology, the entrepreneur sought to create a VR system that allowed for more free movement. A Kickstarter campaign was launched in June 2013 and became an overwhelming success. By the end of July, over 3,200 individuals helped fully fund the campaign, bringing in a final pledge of $1.1 million from a $150,000 goal.
****
