The founders of Vrideo wanted it to be the YouTube or in better language, let’s say, a hub of VR videos for this latest brimming technology and that is, virtual reality. But sadly, Alex Rosenfeld, who is said to be the Vrideo founder, has admitted that it is shutting down as of today simply because they are unable to raise any kind of additional funding and that is why, they just ran out, of money! It was launched in March 2015 which came into being as a major platform for 360 degree videos and other immersive content for the major Virtual Reality Headsets like Oculus Rift, PlayStation VR, and HTC VIVE.
The startup was able to raise around $2 million in funding in earliest of 2015 from investors, which also include some of the major investors like Machinima, whose co-founder is Allen DeBevoise, Betaworks and also from Lerer Hippeau Ventures. The company has now stretched their modest funding as far as it could take the firm and the venture, especially in the realm of raising costs which is directly associated with their growth.
You will be surprised to know that the Vrideo was not only competing with YouTube, but also with number of companies like WEVR who were building their own cinematic Virtual Reality content which is exclusively in the format of 360 degree videos, etc. These companies feature their own selected other films in their Transport app, Disney and other A+E Networks-which is strongly backed by Littlstar and Jaunt, which has been able to raise around $100 million straight from Disney and many others. We are sure that the Company would have been be very privileged to play this role in the world of Virtual Reality and the company is feeling very heavy as they finally bid adieu to this very platform and moving forward!