Shortage of funds Vrideo, who had raised 2 million U.S. dollars, is now shutting down

September 03, 2021

The VR video aggregation platform named Vrideo announced the suspension of operations from today, and issued an explanatory document through the official blog. The contents of the document included the announcement of Vrideo's shutting down, listing their achievements, and summing up the company's shutdown mainly because of lack of funds and resources.

It is understood that Vrideo was founded in 2014 by two entrepreneurs Alex Rosenfeld and Kuangwei Hwang to meet the growing needs of community content creators to share immersive video. Vrideo had raised $2 million and investors included Betaworks and Lerer Hippeau Ventures.

Vrideo is an aggregation platform for VR content that provides applications for mainstream platforms such as Oculus Rift, Steam VR, and PS VR. In addition, Vrideo also provides VR video, advertising, and other content for Google Cardboard, Gear VR and other devices.

Big companies begin to compete in the market

However, as large companies such as Facebook have been pushing 360-degree video services, Google also started 4K and 360-degree video content on YouTube. Vrideo is dwarfed and underfunded.

The document indicates that 700,000 users have installed this application since the beta version was released in March 2015. Vrideo is the highest-speed video platform on the Gear VR and Oculus Rift platforms; we are the most popular video platform on the PS VR platform in terms of quantity; it is the platform that attracts the most video and publishers; it is also the first to be able to The platform that supports 3D and 4K video is also the first video platform to use WebVR.

The document mentioned that the main reason for the closure of the platform was the shortage of funds.

The document concludes that it will support all people to continue to push this process forward. Vrideo founder and CEO Alex Rosenfeld wrote in the official blog: "When we first started doing Vrideo, Facebook has not acquired Oculus, Sony did not announce the 'Morpheus project' (Annotation: that later PSVR), Google has not even Talking about VR, although it is small, it is a great honour to be able to play a role in the rise of the media."

Previously, Vrideo has extended their original VR experience to Oculus and HTC. The Vride application, which is available on both the Rift and Vive platforms, allows users to download content from the site in Shanghai.

In addition, in September, Vrideo will also land on the Gear VR platform, allowing users to play local VR video smoothly without a network.

Conclusion:

The development of start-up companies is even more difficult. Both funds and resources are weaknesses. Like Vrideo, once it is faced with a funding gap, it is difficult to maintain its vigor. Besides, the current development of virtual reality is not a quick and profitable sale.

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