VR Streaming Startup Vreal Calls it a Day
The Seattle-based virtual reality streaming startup Vreal has closed shop.
The startup offered a sort of Twitch-like app for VR which provided a recording and broadcasting service with a number of virtual reality titles. The Vreal service enabled players to relive sessions or experiences that they had gone through in VR and share these with others through the use of virtual cameras as well as its playback technologies. This allowed players to present the action in the experience from all angles.
At the close of its $11.7 million fundraising round in February 2018, the company had two dozen employees and now just 18 months later, it is no more.
In a message posted on its website Vreal.net, the startup stated that it was moving on to “new realities”. The company had embarked on an ambitious idea of sharing the magic of immersive VR with everyone and it says it realized that ambition and is proud of the work it has accomplished so far.
However, Vreal is closing shop because the virtual reality market has not developed as fast as it had anticipated (to justify the investment). Vreal says its product was ahead of its time and it is now shutting down its service and team members in order to explore “other opportunities”.
Vreal has thanked the community, investors as well as partners for the support it has received along the way. The company will be keeping its Discord server open for a week to handle any inquiries from the community.
Check out the statement on the Vreal.net website.