Ray Latypov and Jim Dimascio appeared on Shark Tank Season 1, Episode 9, seeking $1.5 million for 10% equity, valuing their company VirtuSphere at $15 million. Despite their efforts, all the Sharks declined to invest.
VirtuSphere, founded in March 2005, is a virtual reality platform that offers an immersive experience. Users can explore virtual environments with “Modern VR Helmets” and have the freedom to rotate and move in any direction. The platform is utilized in VR parks, museums, universities, and military bases.
| Company Name | VirtuSphere | |
| Founder | Ray Latypov and Jim Dimascio | |
| Founded | 2005 | |
| Product | Virtual platform | |
| Asked For | $1.5M for 10% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode (Shark Tank USA) | S1 E9 | |
| Air Date | Oct 13th, 2009 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Binghamton, New York, USA | |
| Lifetime Worth (Sales) | $5M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Best VR Product
Virtual Reality Headset
- All in one Wireless VR
- Size is 128GB
- Headset Casting Feature Available
- Compatible with Smartphones
Another Shark Tank Pitch
Who Is The Founder Of VirtuSphere?
The founders of VirtuSphere are Ray Latypov and Jim Dimascio. They started the company in 2008. According to Jim Dimascio’s LinkedIn profile, he left the company in March 2010.
How Was The Shark Tank Pitch of VirtuSphere?
Ray Latypov and Jim Dimascio asked the Sharks for $1.5 million for 10% equity. Upon hearing this, Kevin O’Leary remarked, “You are crazy chicken.” Latypov demonstrated the virtual platform, and O’Leary also tried it.
The product is priced at $25,000, with a potential future price of $10,000. They sold the product to the military for $50,000. The manufacturing cost is $14,000, and they need to sell 30 units annually to achieve profitability.
Robert Herjavec was concerned about the product’s appeal to the consumer market. Kevin O’Leary acknowledged the uniqueness of the product but decided to pass.
Kevin Harrington felt that it would take too long to recoup the investment and opted out. Barbara Corcoran was unable to relate to the product, and Daymond John admitted he did not have enough knowledge about it. Robert Herjavec also noted the lack of market data and chose not to invest.
Sharks Offers list!
| Sharks | Offers |
|---|---|
 Barbara Corcoran | No Offer |
 Kevin O’Leary | No Offer |
 Robert Herjavec | No Offer |
 Daymond John | No Offer |
 Kevin Harrington | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deals |
VirtuSphere Shark Tank Update
VirtuSphere did not secure a deal on Shark Tank and Ray Latypov and Jim Dimascio left without investment. On August 31, 2013, they launched a Kickstarter campaign for a new product, 360Specs, but it was unsuccessful, raising only $3,626.
By March 2024, VirtuSphere’s estimated lifetime sales were $5 million. Jim Dimascio is no longer associated with the company. Despite the interest shown by Robert Herjavec, the lack of market data led him to decline the investment. Ray Latypov remains with the business.
What Is VirtuSphere’s Net Worth?
VirtuSphere’s net worth is estimated at $1 million. If well-implemented, this business idea has potential, and integrating artificial intelligence could enhance its future prospects.
Annual Revenue by Years
Note: This report is based on our research and data so far. In this, we are only estimating the annual revenue.
| Years | Annual Revenue |
| 2005-24 | $5M *estimated |
Funding Reports to Date!
| Years | Funding Amount | Investor |
| N/A | N/A | N/A |
Founder Ray Latypov continues to run the company, and the official website remains active. Jim Dimascio has not been with the company since 2010, as indicated by his LinkedIn profile.
The company is headquartered in Binghamton, New York, United States, and is estimated to have 2-5 employees.
Yes, VirtuSphere is still in business as of August 2024.
frequently asked questions
Who founded VirtuSphere?
VirtuSphere was founded by Ray Latypov.
Did VirtuSphere get a deal on Shark Tank?
No, VirtuSphere did not get the deal in Shark Tank.
