Oculus Rift secures $16 million in funding

Venture capital funding led by Spark Capital and Matrix Partners to be used to "accelerate" development of virtual reality technology.

Virtual reality company Oculus VR has announced it has secured $16 million in venture capital funding, co-led by Spark Capital and Matrix Partners, with additional money from firms Founders Fund and Formation 8.

The funds will be used to "accelerate" development of the Oculus Rift hardware, software, and services, the company said.

"Oculus began with a single mission: to put players inside the game," said inventor Palmer Luckey. "This investment allows us to deliver immersive and affordable virtual reality to players everywhere."

As part of the funding allocation, Spark founder Santo Politi and Matrix general partner Antonio Rodriguez will join the Oculus VR board of directors.

In a statement, Oculus VR CEO Brendan Iribe explained that many challenges still lie ahead for the company, but the extra funding should help it achieve its goals.

"There are still many challenging problems to solve, but with the support of these great investment partners, and our passionate community, we will continue to hire the brightest minds and stay laser focused on delivering the very best virtual reality platform possible," Iribe said.

The Oculus Rift headset was successful on its first day on Kickstarter, raising a total of $2.4 million at the close of its crowd-funding campaign. Development kits are available now for game makers, though no release date has been set yet for a public release.

Oculus VR cofunder Andrew Scott Reisse was killed last month in Santa Ana, California. Reisse was crossing a sidewalk when a Dodge Charger carrying suspects fleeing police struck and killed him. He was 33.

Written By

Eddie Makuch is a news editor at GameSpot, and is a big UCONN athletics fan.

Discussion

105 comments
fuzzman113
fuzzman113

So I've heard the argument that Microsoft needs to convince consumers that the Xbox One, and effectively the next generation Kinect, is worth the additional $100 over the PS4.  It seems to me the Kinect and Oculus Rift have the potential to be in a perfect marriage.  I'm imagining moving around, watching my virtual hands actually interact with the virtual world.  This would of course require a bit a risk taking on Microsoft's part, as they would need to invest time and resources to make such a thing possible, but they have taken risks before.  Thoughts?  Would this be a bad thing or a good thing?

DWalker131
DWalker131

who cares how you use this, if this thing works, i'll even wear it like the virtual boy lol

orthodox1976
orthodox1976

Nope. No way. No thanks. No f*cking chance. Keep that thing away from me or you're getting flying-tiger-lotus-dropkick. LOL

I'll stick with Sony, M$ and Nintendo and regular-ass HDTVs.

It's like they're trying to bring the technology "closer and closer" to our brains, as if they're trying to grease us up for direct brain hook-ups in the future like some horror sci-fi movie. LOL

EchoStation
EchoStation

PCARS + G27 + race seat + Oculus Rift = Good buy life. Who will care if you have a mansion when you can hop into the VR world of ever imagination! Its funny when I show my girl friend that lives with me this product, her response "Great now I defiantly will never see you", and I'm ok with that :)

steve4123456789
steve4123456789

They need more money. If this thing had like a billion pound budget it would be alot cooler.

moodyfoo
moodyfoo

does anyone here know if they plan to bring this to consoles sometime in the future? oh and for those of you who want's to see what kind of 3D this thing does go buy the music album 10 000 days made by TOOL in/on the album has a pair of glasses (sort of) which allow to see some pics in the album. defenetly not the same 3D that the blue and red glasses does that's for sure

Gamerhomer
Gamerhomer

What price tag will this thing have?

And I will definitely have to sample it first. Wouldn't splash out on something like this without sampling it.

Mkeegs79
Mkeegs79

I will be buying one. This is the innovation I would like, not that stupid motion or cloud crap.

Gears_0f_L0ve
Gears_0f_L0ve

YES!  I  can't wait:     Star Citizen / Oculus Rift / Divorce

pozium
pozium

I'll really hyped about this device

ken4062
ken4062

if you can build me a VR machine with similar graphics to the PS4 or close i will be in if they have one or two compelling games at launch.

jookiyaya
jookiyaya

Will it be like the Matrix? You know... where sometmies you just never want to leave that other world? That's just unreal...I thought I would never see that day.

Skhuff
Skhuff

This thing is like gaming on a 3D display wearing 3D glasses. You enjoy it for 10 minutes then you head begins to ache! 

EchoStation
EchoStation

The only thing I can almost guarantee, now that investors are involved, that this device will no longer be at the $300 price point they projected the consumer version to cost.

vault-boy
vault-boy

I'm really surprised people aren't saying things like how this is a 'betrayal to the people who donated' or some other stupid shit. Maybe the community is starting to become more rational and mature (looks at most recent Xbone story) Nevermind!


Anyhow, great for them (not to mention great for us). I'm glad that people who are so passionate about making gaming better are getting the support to do so. Rift guys, whenever it comes out you can count on me being on of the first in line :D

EchoStation
EchoStation

When this comes out someone could literally rob me while using it and I wouldn't even notice till 3 days later.

ClintCommander
ClintCommander

Well, duh! Announce an erotic title for any device like this and you WILL get your funding. 

Simple. Smart. Effective.  Sign me up.

davidsor
davidsor

sounds like a good peripheral device for my xbox one

Sampawende
Sampawende

Securing the money for an unreleased product is never a good sign, most of the time it reflects the uncertainty of its makers....

DeathwachMarine
DeathwachMarine

@EchoStation imagine her response when you get that virtual reality sex game they're trying to make for it ;) lol

Black_Pander
Black_Pander

@moodyfoo I know sony was playing around with a similar concept, not sure what happened to it. they showed it off at E3 a few years ago, but nothing this year. I'd imagine that if Occulus goes big, and there's demand, Sony will hop on the bandwagon (which is a quite a good shout) and then microsoft will follow suit. I would say that it'll happen in that order (sony then microsoft) because sony have already shown off similar technology

devild0ogwhite
devild0ogwhite

@Gamerhomer Unless I'm mistaken they haven't discussed a price yet, but I do believe a couple month's back they were selling dev kits at 300 dollars (someone correct me if I'm wrong on that).  Either way, the lowest I would see this running is 200, with the highest being 300.  I like the idea, but I dont think it will sell well.  Maybe if they would have joined MS or Sony and made it compatible with all next gen games.

da_chub
da_chub

But if you add motion control imagine... Loz ss controls with a vr headset and a game like dark souls, but better graphics. That's the dream

conspirethis
conspirethis

@ken4062 You can, it's called  a PC from two years ago. Plenty of big name games already support it.

feathers632
feathers632

@ken4062 Sony are clueless about VR.  They have an over-priced HMD with narrow field of view and no head-tracking as standard.  They did nothing to promote it and indeed they would have not hope of making it succeed at the prices they charge for it.  Oculus doesn't need PS4 support... the question is whether Sony will catch on when they see how wide-spread Oculus adoption becomes.

Hurvl
Hurvl

@jookiyaya Yay, new technology, new addictions! Why let physical substances take over your life, when you could get almost the same effect with virtual devices. This kind of breakthrough is virtually perfect for that kind of deteriorating self-discipline.

DeViLzzz
DeViLzzz

@Skhuff That may happen for some but for me 3D rarely bothers me and many others.

LesserAngel
LesserAngel

@vault-boy I just hope they're careful, investors can be a PITA sometimes (if I learned anything from playing Railroad Tycoon, it's that dealing with investors sucks...)

EchoStation
EchoStation

@davidsor

davidsor that was the most EA thing you could ever say. You really want MS to have there evil fucking hands on this device exclusively? You concern me... Deeply...

LesserAngel
LesserAngel

@davidsor ...Yeah, licensing fees alone will keep the Occulus Rift from being used on consoles, not to mention the technical issues. Nice try.

TheAgingGamer
TheAgingGamer

@Black_Pander @moodyfoo Are you talking about this? http://store.sony.com/p/Wearable-HDTV-Personal-3D-Viewer/en/p/HMZT1

And don't forget, that leaked document from MS mentioned augmented reality glasses, so I don't think it's accurate to say Sony will do it with PlayStation first. It could go either way. But since most people (including me) are pretty turned off to the Xbone right now, whether they have it or not doesn't really matter until they fix the issues everyone is upset about.

feathers632
feathers632

@devild0ogwhite @Gamerhomer Oculus dev kit has already sold well.  Unreal engine 4 integration alone should tell you how successful Palmer has been in promoting his version of HMD.  It's never going to be in every home because there's a percentage who are very hostile to anything other than a 2d display.  But Palmer has done everything right so far in promoting and developing and it's astonishing how many 3d apps are out there already created by users and games companies.  Oculus is not a toy or a gimmick.  Already there's a space-walk simulator.  I had feedback from a VR Scientist and his comments about Oculus are very positive even though he's used professional and military VR costing 10 x more.

Smosh150
Smosh150

@DeViLzzz @Skhuff It only bothers me if I am not looking at a 3D display lol. Plus you have the option to turn off 3D.

DeViLzzz
DeViLzzz

@LesserAngel  It is definitely going to be more than $300 cuz the beta whatever version that people could buy was that price. 

EchoStation
EchoStation

@LesserAngel @vault-boy

I agree. But they said that they wont take any investors that will sway them from creating the OR the way they intended. Still a very valid point though.

Smosh150
Smosh150

@EchoStation @davidsor Especially since they have the kinect which monitors your heartbeat, they got a hold of this and they would make it to monitor the dilation of your pupils and count how many veins are in your eyes.

Smosh150
Smosh150

@DeViLzzz @LesserAngel I agree on that point, but nonetheless I will still be buying this, it is the perfect addition for what I play and would greatly enhance the experience, I just hope it doesn't hit $700.