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 Oculus snags $16 million from investors 
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Two Eyed Hopeful

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http://www.engadget.com/2013/06/17/oculus-rift-16-million/

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Oculus announced its first round of funding today, wherein the company secured $16 million from investors specifically aimed at putting the Oculus Rift in consumer hands. The nascent virtual reality hardware company has repeatedly said its end goal with the Rift is to make it a consumer product; currently, only folks who backed the Rift on Kickstarter and those willing to spend $300 on a developer kit have access. A handful of games support the Rift, though more and more developers are promising not just support in their games, but entire games built from the ground up with VR in mind. An HD version of the headset was also introduced at last week's E3 gaming show.

Oculus' new business partners apparently see enough financial potential in the Rift to not only invest heavily, but to also take on board positions -- both Santo Politi of Spark Capital and Antonio Rodriguez of Matrix Partners are now on the Oculus board of directors. "What Palmer, Brendan and the team are building at Oculus so closely matches the Metaverse that we had to be part of it. Working with them to get this platform to market at scale will be enormously exciting," Rodriguez said of today's news.

The company launched last year with a Kickstarter campaign targeting $250,000 -- the project eventually raised just shy of $2.5 million, and now sells its Rift dev kit outside of the Kickstarter campaign.



Mon Jun 17, 2013 7:26 pm
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Well that took longer than i thought it would


Mon Jun 17, 2013 7:50 pm
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welp....looks like they need to push a consumer version out soon now... Investors aren't gonna want to sit at a table and talk about a second dev kit in December they will be wanting the consumer rift on the shelves asap especially when oculus has 16 million bucks of their money.

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Mon Jun 17, 2013 8:09 pm
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Two Eyed Hopeful
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Oculus holds all the cards, I doubt they would accept investment if it weren't on their (reasonable) terms.


Mon Jun 17, 2013 9:02 pm
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Had some fun with it:

http://www.mtbs3d.com/index.php?option= ... &Itemid=73

Congrats, Palmer!

Regards,
Neil


Mon Jun 17, 2013 9:26 pm
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The odd part about investors, is that one should only allow them through the front door and anywhere near the give company..... when one does not really need them.

Oculus bears the appearance, on the surface analysis, to have done that.

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Mon Jun 17, 2013 9:27 pm
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nt

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Last edited by blazespinnaker on Mon Jun 17, 2013 9:32 pm, edited 1 time in total.



Mon Jun 17, 2013 9:31 pm
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Swag: 150 million valuation, Palmer has 10 percent

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Mon Jun 17, 2013 9:31 pm
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great news i am sure. Matrix eh? haha fun.

Hopefully they will use the investment wisely to make Oculus even better! (would be great if they could put some of that investment in a faster production line!)


Mon Jun 17, 2013 9:32 pm
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One Eyed Hopeful

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Evenios wrote:
(would be great if they could put some of that investment in a faster production line!)

I second this. Dying with anticipation. At this rate I'll have a GTX 770 to replace my 2x GTX 460 SLI by the time I get my rift!


Mon Jun 17, 2013 9:57 pm
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Mon Jun 17, 2013 10:03 pm
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squibbfire wrote:
welp....looks like they need to push a consumer version out soon now... Investors aren't gonna want to sit at a table and talk about a second dev kit in December they will be wanting the consumer rift on the shelves asap especially when oculus has 16 million bucks of their money.


as business men I am sure they realize A Rift without a good software catalogue that supports it will result in epic fail in the market place!

As for where to put the money: I really hope into optics development for 2 reasons:
1. FoV 110 is nice and dandy. 150+ would be dandier.
2. With centered circular lenses you loose pixels unless you have a 5.6 inch 2:1 screen. Chances of a phone screen of that size going above HD to 1440p are pretty slim in my opinion. Only possibility would be dual screen or bigger screens 7"+... Both requiring specialized optics.

From the sound of that HD screen from E3 it looks like they hit the maximal pixel density per degree of FoV achievable with 2M pixel screens. Increase FoV and you immediately loose density/FoV.

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Mon Jun 17, 2013 10:27 pm
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That should cover another 10 years of world wide travel and show and tell :lol:

But seriously, this could open up more options for Oculus, like major software developement to go along with the consumer Rift.

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Mon Jun 17, 2013 10:32 pm
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Tacklebait wrote:
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"What Palmer, Brendan and the team are building at Oculus so closely matches the Metaverse that we had to be part of it. Working with them to get this platform to market at scale will be enormously exciting," Rodriguez said of today's news.

They wat. :) Wat. :o waaat! :woot

Is this actually network-aware software that they're building? If so, I have to work on it!


Mon Jun 17, 2013 10:34 pm
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One Eyed Hopeful
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This is huge news! did anyone expect this? This is a complete surprise to me.


Mon Jun 17, 2013 10:42 pm
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One Eyed Hopeful

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Oculus - please take a small portion of that money and fund an amazing, purpose built, over the top demo.

congrats!!


Mon Jun 17, 2013 11:15 pm
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Two Eyed Hopeful

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Congratulations Palmer and everyone!
I hope that devkit owners will have a little discount for the consumer version now :D

Joke aside, i am very happy regarding that.
VR revolution is coming finally .


Tue Jun 18, 2013 12:52 am
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That's all even more exciting because Palmer talks about building "a badass, consumer VR gaming platform" in contrast to just a headset (I hope he doesn't just mean the SDK software but an input device too), I can't wait to see what's in their minds :woot


Tue Jun 18, 2013 1:20 am
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Sharp Eyed Eagle!

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Nothing new that they are working on more than just a headset : )
This deal has probably been going on for quite some time but they were not allowed to speak about it until now i guess.


Tue Jun 18, 2013 1:24 am
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$16 million - i think this could be enough for a wireless solution and custom oled displays (2560 x 1600) :mrgreen:

FR3D

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Tue Jun 18, 2013 1:48 am
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Wow, last year this time I was just hoping to be one of a few hundred enthusiasts chipping in for a group purchase of parts for a DIY kit. You've come a long way Palmer, congrats you've earned it


Tue Jun 18, 2013 1:51 am
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Sharp Eyed Eagle!
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FR3D wrote:
$16 million - i think this could be enough for a wireless solution and custom oled displays (2560 x 1600) :mrgreen:

FR3D


They'd need a couple more zeros on the investment to be able to carry that sort of influence.

But this is seriously good news it does mean they've got great buying power for parts, resource and talent plus the right people start to take notice when you have that kind of backing. The downside is that you attract the charlatansl and BS merchants so you have to be on your guard, but I'm sure they're more than up to the job.

Exciting future ahead for affordable VR.


Tue Jun 18, 2013 3:38 am
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Yes they had to do something. 2.5 mil burns fast when you have to hire tech an d pay bills. Has anyone sat across from investors that are investing more then 5 million in an investment meeting? Trust the terms are very, very one way.
Delivery is priority #1.
I think we will see a basic device coming out first for consumers and for AAA Devs to take serious.
I do agree that a nice costume oculus demo or suite of demos would be great to ship with the oculus....or maybe even a basic game throw in with each one.

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Tue Jun 18, 2013 4:41 am
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squibbfire wrote:
2.5 mil burns fast when you have to hire tech an d pay bills.


Consider the other 3/4 Millions from the 12,000+ pre-orders ;)


Tue Jun 18, 2013 5:56 am
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squibbfire wrote:
Yes they had to do something. 2.5 mil burns fast when you have to hire tech an d pay bills. Has anyone sat across from investors that are investing more then 5 million in an investment meeting? Trust the terms are very, very one way.
Delivery is priority #1.
I think we will see a basic device coming out first for consumers and for AAA Devs to take serious.
I do agree that a nice costume oculus demo or suite of demos would be great to ship with the oculus....or maybe even a basic game throw in with each one.


I haven't sat accross from investors investing more than 5M. Have you?

Delivery is certainly NOT priority number one. ROI is.
And depending on investment oportunity it is possible to get investors that are in for the long haul (3+ years)...

Oculus has a fair chance of becoming a multibillion $ company over the next 5+ years. As I have said earlier they will have 0 troubles finding investors who are interested in ROI that isn't already in a year...

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Tue Jun 18, 2013 6:08 am
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Two Eyed Hopeful

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I am waiting for the ultimate VR platform which "the world has never seen" as Palmer said. Seem like the dream can come true in the next few short years!

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Tue Jun 18, 2013 7:12 am
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adventurer wrote:
I am waiting for the ultimate VR platform which "the world has never seen" as Palmer said. Seem like the dream can come true in the next few short years!


a badass VR platform the world has never seen, would be if they somehow
managed to integrate some eye tracking technology to support fovea rendering.
then we could have path traced VR games that run on a PS4 or on a mid end PC rig. that would be really badass.
perhaps thats the reason why Samuel Lapere doesn't post anymore on his blog, although he promised
tons of 1080p footage.
Someone must have been got involved there... :D

EDIT: i must say some PS4 games like Destiny or Killzone already impressed me by their large detailed, vibrant fantasy worlds. But path tracing concerning lighting and shading and of course polycount is still on the very,very top. untouchable....


Tue Jun 18, 2013 7:27 am
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One Eyed Hopeful
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I'm excited for this. I wasn't aware of the Rift until way after the success of the Kickstarter (Yeah, I know. Under a rock. lol), so hearing this makes me really excited for a possible earlier consumer release date.

But even if it doesn't come out earlier, that just means more money spent on making the product even better. Very exciting. Can't wait to hear more.


Tue Jun 18, 2013 8:29 am
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One Eyed Hopeful

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First post! Hello everybody.
Isn't Spark Capital the same firm that recently spent a whole lot of money on the Myo controller?


Tue Jun 18, 2013 11:59 am
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they finance a lot of promising start-up companies, Oculus is just one of them, I hope this is only for the best :)


Wed Jun 19, 2013 12:05 am
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One Eyed Hopeful

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They do fund a lot of startups, I just can't help but feel that there may be some significance in their funding of the Myo. They would be a good fit for each other and the Myo website even has pictures of the Rift on it to demonstrate its uses.

Probably just me getting carried away. I do that.

Rumour mongering aside, congratulations to Oculus!


Wed Jun 19, 2013 6:51 am
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great now use that money to ramp up production even more and get out rifts here faster.


Wed Jun 19, 2013 12:02 pm
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