Legal News

Jumpstart to the Virtual Reality Business
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

Virtual reality has been a long standing dream in tech and sci-fi. In June, Oculus VR of Irvine, Calif., “raised $16 million to finish research and development on its critically acclaimed virtual reality headgear, and today the company’s taking the next step.” The company has now secured another $75 million in Series B funding.”They’re not just betting that their game will be successful, they’re also betting that Oculus will sell enough units to make their game profitable, and that’s a really big bet for a developer to make,” says Palmer Luckey, Oculus founder.

Oculus CEO Brendan Iribe tells The Verge that his company needs the money to build that consumer product, plain and simple. “Marc Andreessen himself is joining the Oculus board, along with fellow partner Chris Dixon, and it’s a brand-new version of the headset that convinced them to join in.” Chris Dixon tells The Verge, that he “was impressed with the first developer kit he saw last year, but not enough to invest.” However, at this particular point, Oculus has moved ahead and is now on his radar. All investors are doubling down.


While the company has not divulged details on when it will push the consumer version of the VR headset, it has already sold 40,000 of its Oculus developer Rift kits, and has expectations to  move another 70,000 pieces out into the marketplace. Interestingly, the company declined to say whether they were profitable or in losses. They did mention however, that “much of its initial funding is still in the bank.”

The Oculus Rift will have to fight the good fight and face an uphill battle at their launch. For the most part, the regular consumer has not accepted “fancy headgear that promises improved visuals, both in the videogame and broader consumer electronics markets.” All efforts to promote awareness of the product, to engage customers, and to affect consumer adoption have fallen by the wayside.

Image Credit:

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!



Associate Attorney

USA-FL-Fort Lauderdale

A litigation Associate Attorney is being sought by our law firm to add to the civil litigation and b...

Apply now

Family Law Associate Attorney - PART TIME


Powers Law Firm is now hiring an Associate Attorney with 3+ years of Family Law experience.   ...

Apply now



DOWNS RACHLIN MARTIN PLLC, a New England law firm, is seeking an experienced estate planning attorne...

Apply now

Associate Attorney

USA-CT-West Hartford

Flaherty Legal Group, LLC located in West Hartford, Connecticut is seeking a family law associate wi...

Apply now




Search Now

Patent Agent


Durham office of a BCG Attorney Search Top Ranked Law Firm seeks a patent agent with 2-6 years of ex...

Apply Now

Patent Agent


Raleigh office of a BCG Attorney Search Top Ranked Law Firm seeks a patent agent with 2-6 years of e...

Apply Now

Patent Agent

USA-NC-Winston Salem

Winston Salem office of a BCG Attorney Search Top Ranked Law Firm seeks a patent agent with 2-6 year...

Apply Now


To Top