Virtusphere is a virtual reality system. This was started by Ray Latypov and Jim Dimascio in 2005. Virtusphere’s net worth was $15 million at the time of their pitch in 2009 based on the $1.5 million offer for an 10% of equity of the company.
They appeared on Season 1 of Shark Tank USA in 2009. But the Sharks were not interested in investing in Virtusphere.
Despite not winning a deal, Virtusphere had a smooth long run in the business. However the business became inactive in 2021. As of October 2023, the company website is still up, but they are no longer running operations.
Virtusphere Net Worth
| Net worth | $3 million (2021) |
| Annual Sales Revenue | $3 million (2021) |
| Profits | – |
| Lifetime sales | – |
| Investor | – |
| Founders | Ray Latypov and Jim Dimascio |
| Employees | <10 |
Virtusphere Net Worth Timeline
| Net Worth 2023 | Out of business |
| Net Worth 2022 | Out of business |
| Net Worth 2021 | $3 million |
| Net Worth 2020 | $3 million |
| Net worth valuation in 2009 before appearing on Shark Tank | $15 million (business valuation) |
Virtusphere Pitch on Shark Tank
| Company name | Virtusphere |
| Product | A virtual reality system |
| Episode | Season 01 Episode 09 |
| Founders | Ray Latypov and Jim Dimascio |
| Asked for | $1.5 million for 10% equity |
| Final deal | No deal |
| Shark | None |
| Location | Binghamton, New York |
Don’t miss these product from Season 1
Virtusphere Founders
Virtusphere was founded by Ray Latypov and Jim Dimascio in 2005. Both Ray and Jim work for the software industry and they specilize in designing and developing computer software. Along with seven other employees they started their own business in New York. Virtusphere’s founders net worth is currently unknown.
Key accomplishments
| Year | Accomplishment |
| 2009 | Appearing on Shark Tank season 1 |
| 2011 | Within a year after Shark Tank appearbce company revenue increased in $3 million |
Conclusion
Some companies that appear on the show have not achieved great success, and the Virtusphere was one of them. Sometimes businesses don’t succeed because of many reasons. Sometimes, the deal falls through after the founders say yes on camera. Or, as you’ll see, sometimes things happen to the founders themselves, and they choose to abandon the business. Anything is possible. However, Virtusphere went out of business in 2021. And the product is no longer available in the market.