After Receiving $30 Million of Indications Of Interest, Virtuix Moves Forward With Preferred Stock Offering To The General Public Planned For March 23, 2016
AUSTIN (March 10, 2016) – Virtuix, a leader in active virtual reality and the developer of the popular Omni motion platform, today announced that it will move forward with its mini-IPO under the new rules of Regulation A. Using the SeedInvest crowdfunding platform, Virtuix is targeting a $10 million fundraise with a planned launch on Wednesday, March 23, and a maximum round size of $15 million authorized. So far Virtuix received more than $30 million of indications of interest from more than 3,300 potential investors. Institutional investors that have already indicated interest in participating in this round include Scentan Ventures, Western Technology Investment, Tekton Ventures, and Scout Ventures.
Historically, startup investing was limited to accredited investors (only 2% of Americans), but that changed when Title IV of the JOBS Act passed through congress in June 2015. Title IV of the JOBS Act, also known as Regulation A+, allows everyone the opportunity to invest in private tech startups. For the first time in history, the general public has the chance to invest alongside Silicon Valley venture capitalists and institutional investors.
“We receive frequent requests from our customers and supporters to buy shares in Virtuix, but before now we had to turn them away because of regulatory restrictions,” says Jan Goetgeluk, Founder and CEO of Virtuix. “We are thrilled that our community can now participate in our financial future and be part of the next chapter of our story.”
Over the past two years, Virtuix has grown to a team of 31 people and has raised over $9 million in private funding from individuals and institutional investors including Silicon Valley venture capitalists like Western Technology Investment and Tekton Ventures. Virtuix has pre-sold more than 4,000 Omnis to date and started shipping units to customers in December 2015.
“The Virtuix team has brought a great product to market and has delivered on its goals in the last two years,” says Brad Harrison, current investor and Managing Partner of Scout Ventures. “We are proud to be part of this financing round and support Jan and his team as they continue to build the next big entertainment platform and brand.”
Virtuix plans to use the proceeds from its upcoming offering to fund growth and further product development. Ultimately, Virtuix’s vision is to have the Omni be part of every Active VR setup both for home use and for commercial applications that include out-of-home entertainment, training and simulation, and virtual tourism.
Given the high level of interest for the offering, Virtuix will accept reservations from potential investors who indicate interest at www.seedinvest.com/virtuix. Investors who make a reservation will be able to participate in the round’s soft launch targeted to begin on March 21 before the general public receives access two days later.
Founded by CEO Jan Goetgeluk in April 2013 and headquartered in Austin, Texas, Virtuix is the pioneer of the Active VR category and is the developer of the Omni – the first-of-its-kind motion platform that enables walking and running in virtual environments. The Omni is compatible with leading headsets and virtual reality content. It is currently available for pre-order for $699 per unit at www.virtuix.com.