VirtuSphere Before Shark Tank
Jim Dimascio and Ray Latypov started a company called VirtuSphere. Ray Latypov states that their product is also called VirtuSphere, which is a giant metal ball, in the shape of a hamster ball. People can put on virtual reality goggles, step into the giant VirtuSphere and simulate anything that they want by walking around in the VirtuSphere (like a real hamster).
Both Jim Dimascio and Ray Latypov state state that they made it their mission to save the lives of real soldiers, by designing and manufacturing a simulation environment, in which soldiers could simulate enemy territory. Of course, the VirtuSphere can also be used in the gaming, entertainment, health, fitness and educational markets.
Jim Dimascio and Ray Latypov state that VirtuSphere is in its very early stages, which makes it a very expensive virtual reality device. In order to manufacture a single VirtuSphere, the company has to pay about fourteen thousand dollars. How much does the VirtuSphere itself costs you ask? Well, be prepared to spend about fifty thousand dollars, just to get your hands on one of the VirtuSpheres.
On top of that, you better make sure you have enough room in your house or garage, because the VirtuSphere weights five hundred and fifty pounds, is ten feet in diameter and occupies a space of one hundred square feet. Jim Dimascio and Ray Latypov are hoping to get an investment from the Sharks, in order to further develop the VirtuSphere and make it available in more markets, at a cheaper price.
VirtuSphere During Shark Tank
“Ray Latypov and Jim Dimascio walk confidently and stand in front of the Sharks”\
Ray Latypov starts the presentation by introducing himself to the Sharks and states that he is the Chief Executive Officer of VirtuSphere Inc. Jim Dimascio also introduces himself to the Sharks and states that he is the Chief Operating Officer of VirtuSphere Inc. Jim Dimascio continues by stating that they are seeking an investment of one and a half million dollars, in exchange for a ten percent stake in their company.
“The Sharks are shocked to hear how much Jim Dimascio and Ray Latypov are asking for as an investment, in return for such a low stake in their company”
“Kevin O’Leary jokingly says that Jim Dimascio and Ray Latypov are crazy chickens”
Jim Dimascio continues the presentation by stating that VirtuSphere is a virtual reality motion simulator, which is going to dramatically change simulation training. He continues by claiming that VirtuSphere is going to revolutionize virtual entertainment by allowing people to play inside their favorite video games.
“Jim Dimascio states that they would like to give the Sharks a demonstration”
“Ray Latypov puts on his virtual reality goggles and climbs into the VirtuSphere”
Jim Dimascio states that their hardware set consists of a ten foot sphere, which is placed on a special platform that allows the sphere to rotate in any direction according to the user’s steps. What the user sees on his virtual reality goggles, people will be able to watch on a separate monitor, in order to make it more entertaining for everyone.
Jim Dimascio states that they are able to transfer a virtual environment to their virtual reality goggles, allowing the user to move freely in three hundred and sixty degrees, getting the most immersive virtual experience.
“Robert Herjavec seems very amazed with the VirtuSphere”
“Kevin O’Leary states that he has got to try out the VirtuSphere, gets up and puts the virtual reality goggles on, after which he steps into the VirtuSphere”
“Daymond John asks Jim Dimascio why somebody would need to get into the VirtuSphere, just to experience a virtual reality environment”
Jim Dimascio answers the question by saying that for combat training, they can put a soldier in the middle of Baghdad and go through simulation training, both as a single and as a mission rehearsal as a team. This allows the soldiers to experience what it is like to be in Baghdad, without risking their lives.
“Kevin O’Leary states that he is looking at a television screen and that he is walking”
“Kevin O’Leary seems to be struggling in the VirtuSphere”
Jim Dimascio states that as Kevin O’Leary is moving, the other Sharks can see what he is seeing by looking at the separate monitor next to the VirtuSphere. He continues by stating that when Kevin O’Leary looks down, he will see the sidewalk, and when he looks up, he will see the blue skies, sun, clouds, etc.
“Kevin O’Leary states that the experience in the VirtuSphere is absolutely incredible, pretty wild and also disorienting”
“Barbara Corcoran asks Jim Dimascio if the purpose of the VirtuSphere is to train marines”
Jim Dimascio answers the question by saying that the VirtuSphere is perfect to train any soldier on the ground, without them risking their lives.
Ray Latypov states that with the VirtuSphere, people will be able to train in virtual dangerous environments, without the risk of human lives.
“Robert Herjavec asks Ray Latypov how much the VirtuSphere would cost to purchase, and if there is an application for regular consumers”
Ray Latypov answers the question by saying that in the near future, the price of the VirtuSphere may drop, depending on how popular it becomes. The price for VirtuSpheres could drop down to about ten thousand dollars, but as of this moment, the price for a single VirtuSphere is between thirty five and fifty thousand dollars.
“Daymond John seems very surprised with the price range of the VirtuSphere application”
“Robert Herjavec asks Jim Dimascio if you can use the VirtuSphere with existing games”
Jim Dimascio answers the question by saying that the VirtuSphere can be programmed to work with any existing video games. The most positive aspect about the VirtuSphere is that it can be used in a wide variety of markets, such as the military, video games, entertainment and even fitness and health.
“Kevin O’Leary states that the VirtuSphere is not going to be easy to sell to consumers, who can then bring it to their homes, because of the fact that it is such a large application”
“Kevin O’Leary asks Jim Dimascio the VirtuSphere can be used in an arcade environment”
Jim Dimascio answers the question by saying that the VirtuSphere can definitely be used in an arcade environment. Based on the same principle as paintball and laser tag, business owners could add multiple VirtuSpheres in a large room, where people could come in together and play against each other inside the same virtual environment.
Robert Herjavec states that he buys the story and that he is able to see the application work, which is fantastic. However, he also states that all three of them know that the VirtuSphere is light years away from a proper consumer application.
“Robert Herjavec asks Jim Dimascio and Ray Latypov if they agree with his statement”
Jim Dimascio and Ray Latypov both answer the question by saying yes, they agree.
“Robert Herjavec asks Jim Dimascio if they have sold any VirtuSpheres to the military”
Jim Dimascio answers the question by saying that they have sold several VirtuSpheres to the military, each of them costing fifty thousand dollars.
“Kevin Harrington asks Jim Dimascio what it costs to build a single VirtuSphere”
Jim Dimascio answers the question by saying that a single VirtuSphere costs fourteen thousand dollars to construct and make ready for sale.
“Kevin Harrington asks Jim Dimascio how many VirtuSpheres he has to sell in a year, just to be profitable as a company”
Jim Dimascio answers the question by saying that they would have to sell thirty VirtuSpheres in a year, just to be profitable as a company.
Kevin O’Leary states that he could purchase ten percent of VirtuSphere Inc. for one and a half million dollars, which tells him that Jim Dimascio and Ray Latypov think that VirtuSphere Inc. is worth a whopping fifteen million dollars. Kevin O’Leary continues by stating that it is a hell of a bet, because of the fact that the company hasn’t even started making money yet.
“Kevin O’Leary asks Jim Dimascio which market has the least path of resistance, in order to be able to sell thirty VirtuSpheres”
Jim Dimascio answers the question by saying that there are sixteen hundred recruitment offices in the United States of America, which is a huge market for them. Last year, the army recruitment offices received seven point seven billion dollar budget.
The US army alone has over four hundred thousand soldiers. Jim Dimascio states that they could help army recruitment offices to recruit new staff. Jim Dimascio also states that the US army already has an existing video game called America’s Army, which could be made compatible with the VirtuSphere.
Imagine that there would be a VirtuSphere in every recruitment office in the United States of America; people would be lining up in order to try out the VirtuSphere, giving the officers a hook to get people in the office, in order to help army to fight wars around the world.
“Robert Herjavec asks Jim Dimascio what he would do with the investment money”
Jim Dimascio answers the question by saying that there are fifty nine military bases throughout America, which they have targeted to visit, to demonstrate the VirtuSphere and to prove a concept.
Robert Herjavec states that the more he thinks about the VirtuSphere, the further away he thinks that the VirtuSphere could become a consumer application, if ever.
“Robert Herjavec asks Kevin O’Leary what he thinks about the VirtuSphere”
Kevin O’Leary answers the question by saying that he sees the VirtuSphere as an arcade opportunity mostly. Kevin O’Leary continues by stating that the VirtuSphere is not going to fit in an average home around the United States of America. He also states the he finds the VirtuSphere unique and that he has never seen anything like it, but he is out.
Kevin Harrington states that he has two problems with the VirtuSphere. For starters, if the VirtuSphere became a consumer application, there would be a lot of liability from people getting hurt inside the VirtuSphere itself. Secondly, Kevin Harrington thinks that it is a long time before he would be able to get his money back, so he states that he is out as well.
Barbara Corcoran states that the VirtuSphere is such a boy-thing, she cannot even relate to anything about the VirtuSphere. She states that the application is too risky for her, which is why she doesn’t want to invest in it. Barbara Corcoran states that she is out.
Daymond John states that Jim Dimascio and Ray Latypov need a strategic partner, which he would not be able to assist them with the VirtuSphere. Daymond John states that he doesn’t know anything about applications such as the VirtuSphere, which is why he is out as well.
Robert Herjavec states that he has never seen an idea on Shark Tank that he loved as much as the VirtuSphere. The problem for him is that the idea is in its very early stages, and that there is no data available. The company does not have an idea who is actually going to buy the VirtuSphere, which means that it is so far away from the one and a half million dollars.
“Robert Herjavec states that it is a tough decision and starts thinking for a while”
Robert Herjavec states that he has too many questions, which is why he finds it too risky to invest in VirtuSphere. Robert Herjavec is out as well.
“While Jim Dimascio and Ray Latypov walk out of the studio, Robert Herjavec and the Sharks walk over to the VirtuSphere and are amazed what people are able to invent”
VirtuSphere After Shark Tank
Before Jim Dimascio and Ray Latypov joined the Shark Tank television show, they had already created their functional virtual reality application. The problem with VirtuSphere was that it was in its very early stages, making the application very expensive and risky, because it was not yet known which markets would actually be interested in such a machine.
None of the Sharks were interested in investing one and a half million dollars in VirtuSphere Inc. due to the fact that they either didn’t know anything about virtual reality applications, or they simply didn’t believe that the VirtuSphere would be successful. Robert Herjavec does mention that he has never seen an idea or product on Shark Tank that he loved as much as the VirtuSphere, but for him, investing in the company would be too risky as well.
Even though Jim Dimascio and Ray Latypov weren’t able to get an investment from the Sharks, it seems like they still continued as a company. You can find the VirtuSphere website at http://www.virtusphere.com. The website itself looks a little outdated in terms of design, even though it says 2013 at the bottom of the pages.
On the website, you will be able to find more information about the VirtuSphere itself. Apparently, VirtuSpheres have been sold to numerous military offices in the United States, as well as universities in Germany, Switzerland, Russia, United Kingdom and more. In order to ask for the price and availability of the VirtuSphere, you will have to send an email to and wait for their reply.
It also seems that Ray Latypov, the founder of and creator of VirtuSphere, game up with virtual reality goggles, calling it 360specs. He started a funding on Kickstarter, with the goal of a hundred thousand dollars. Unfortunately, 360specs only had seventy one backers, with only about four thousand dollars pledged of the one hundred thousand dollars goal.