VirtuSphere Shark Tank Update (Season 1)

Ray Latypov and Jim Dimascio both appeared on Shark Tank Season 1 Episode 9 and asked the Sharks for $1.5 million for 10% equity at a $15 Million Valuation. They have asked for a huge amount from sharks for their virtual reality platform company VirtuSphere.

Dimascio, who is the COO of this company, started this company in March 2005 along with Latypov. Unfortunately, all the sharks refused to invest in this business. Dimascio’s official LinkedIn profile updates that he left the company in March 2010.

What Is VirtuSphere?

VirtuSphere is a virtual platform that allows users to have an ultimate virtual experience. After entering this platform, users can explore the virtual environment through “Modern VR Helmets” without any interruption.

Apart from this, users can rotate in any direction and they get complete freedom to do anything. The company’s website claims that this product is already being used in VR parks, museums, universities, and military bases.

Company NameVirtuSphere
FounderRay Latypov and Jim Dimascio
Founded2005
ProductVirtual platform
Asked For$1.5M for 10% equity
Final DealNo Deals
SharkNo Sharks
Episode (Shark Tank USA)S1 E9
Air DateOct 13th, 2009
Business StatusIn Business
WebsiteVisit Website
HeadquartersBinghamton, New York, USA
Lifetime Worth (Sales)$5M *estimated
Buy and WatchBuy NowAmazon 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?

Image via ABC Shark Tank

The founders of VirtuSphere company are Ray Latypov and Jim Dimascio. They started this business in 2008. Jim DiMascio’s LinkedIn profile indicates that he left the company in March 2010.

How Was The Shark Tank Pitch of VirtuSphere?

Ray Latypov and Jim Dimascio asked the Sharks for $1,500,000 for 10% equity. Hearing this amount, Kevin O’Leary said “You are crazy chicken”. Latypov gave a demo session inside the virtual platform and Kevin O’Leary also tried it.

The price of the product is $25,000. Latypov said that it may be $10,000 in the future. They sold the product to the military for $50,000. The making cost of the product is $14,000 and they will have to sell 30 units every year to become profitable.

Robert Herjavec’s concern is whether this product is for the consumer market. Kevin O’Leary said it is a unique product but he is out. Kevin Harrington said that if he invested in it, it would take a long time to get the money back, so he is out.

Barbara Corcoran said that she is unable to relate to this product, she is out. Daymond John said that he does not have much idea related to this product, so he is out. Robert Herjavec said that there is no data regarding the market of the product, hence he cannot invest in it.

Sharks Offers list!

SharksOffers
Barbara Corcoran Barbara CorcoranNo Offer
Kevin O'Leary Shark Tank Profile Kevin O’LearyNo Offer
Robert Herjavec Robert HerjavecNo Offer
Daymond John Daymond JohnNo Offer
Kevin Harrington Kevin HarringtonNo Offer
Founder’s (Countered)No Counter
Final DealsNo Deals

What Happened To VirtuSphere After Shark Tank?

VirtuSphere did not get a deal from Shark Tank. Ray Latypov and Jim Dimascio had to return without investment. On August 31, 2013, they launched a campaign on Kickstarter for a new product, 360Specs. The campaign was unsuccessful and they only managed to raise $3,626.

By March 2024, this company has estimated lifetime sales of $5 million. Jim Dimascio is not currently associated with this company.

VirtuSphere Shark Tank Update

This company did not get the deal in Shark Tank. Robert was interested in the product but due to lack of data, he was not confident about the product working. Founder Ray Latypov is still associated with this business.

What Is VirtuSphere’s Net Worth?

VirtuSphere’s net worth is estimated at $1 Million. At this time, if this business idea is implemented well then it can be brought forward and Artificial Intelligence can also be integrated into it.

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.

YearsAnnual Revenue
2005-24$5M *estimated

Funding Reports to Date!

YearsFunding AmountInvestor
N/AN/AN/A

Is VirtuSphere Still In Business?

Founder Ray Latypov is still running this company and the company’s official website is still live. But Jim DiMascio has left this company since 2010, which is evident from his LinkedIn profile update.

The official headquarters of this company is in Binghamton, New York, United States and it is estimated to have 2-5 people working in it.

Yes, VirtuSphere is still in business as of March 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.