Investing In VR: Virtuix Plans To Seek $10 Million From Mini-IPO, Open To The Public
In January, Virtuix announced its desire to launch a “mini-IPO” that would be open to the general public for investment. The company entered the “testing-the-waters” stage on SeedInvest to gauge investor interest, and today, the creator of the Omni announced its plans to move forward with a proper investment round.
On Wednesday, March 23, Virtuix will launch a Series A funding round on the SeedInvest crowdfunding platform that will be open to the general public. Virtuix said this type of investment is typically available only to accredited investors, but thanks to the new Regulation A rules that are included as part of the JOBS Act that passed through congress last summer, the general public is now free to participate in seeding new tech startups.
“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,” said 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.”
Virtuix is seeking to raise at least $10 million in the upcoming funding round, but it is authorized to bring in a maximum of $15 million. Virtuix said it received over $29 million worth of “indications of interest” from over 3,200 investors in the last two months. Due to the potential high demand, the company said that potential investors who indicate interest at www.seedinvest.com/virtuix will be given the opportunity to purchase shares two days before the general public, during the round’s “soft launch” on March 21.
Virtuix noted a number of firms that have already expressed interest in participating in the offering, stating, “Institutional investors that have already indicated interest in participating in this Series A round include Scentan Ventures, Western Technology Investment, Tekton Ventures, and Scout Ventures.”
Virtuix plans to use the proceeds from the Series A funding round to foster growth within the company and invest in further product development to fulfill its dream of being “part of every active VR setup for both home use and commercial applications.”
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Kevin Carbotte is a contributing writer for Tom's Hardware who primarily covers VR and AR hardware. He has been writing for us for more than four years.