Real Space Limited

Product: 
Technology Growth
Status: 
Closed
Sector: 
Virtual Reality
Aim of funding: 
Seed
HMRC Advance Assurance received: 
Yes

Real Space Limited

Description: 

Established in April 2016 by founders Robert Black and Michael Verity, Real Space Limited has developed a novel, wide field-of-view multi-purpose synoptic virtual reality viewer called ‘SingleReality’, to exploit what the founders perceive as a gap in the growing VR market for a completely new headset design that offers a best-in-class user experience and is also significantly cheaper than other current available market offerings.

The Company’s strategy is to offer a superior VR experience by delivering identical images to each eye from a single 2D, high resolution image. This synoptic approach is a novel addition to the VR Head-Mounted Display device market.

Currently at seed stage, the Company has developed a prototype as a commercial, optical-grade rig developed from stock optics accompanied by extensive modifications. A patent for the commercial concepts validated in this prototype has been filed in the UK (GB2478358), published in 2011. Deepbridge is unware of any other programmes that have led to the development of a comparable device.

Unlike the optics of current VR head-mounted displays, which use two rendered views involving the magnification of the two images via biconvex lenses, the Company’s technology employs one rendered image, with this image processing completed by the device optics before presentation for viewing. By doing so, the device maintains pixel resolution of the rendered image, and negates the risk of VR-induced nausea. The SingleReality viewer has been designed to be used in conjunction with a mobile smart phone or tablet. The design is user friendly and minimally complex. To use, the user positions their smartphone or tablet in front of them then puts on the SingleReality headset, the user should experience a very high definition VR immersive experience. The viewer requires no software or other hardware to operate.

The Company’s product is novel because, while featuring a field-of-view comparable to market-leading VR headsets such as the HTC Vive and the Oculus Rift, it does not require any imaging processing. The patented viewer has been designed to consume 2D and VR (Virtual Reality) content and allow the user a more ‘immersive experience’ with available content.

Opportunity: 

The market for VR is nascent and rapidly developing. At the end of 2016, the actual number of HMDs shipped in the market was c.6m units.

All the key players of the VR industry, namely Google, Samsung, Oculus, HTC and Sony have now completed the consumer launches of their respective VR platforms during 2016. The development of Virtual Reality in both consumer and commercial markets is growing rapidly, as reflected in the shipments of VR head-mounted display (‘HMD’) devices in 2016.

The VR device market has faced two specific headwinds: high hardware costs and a poor user experience (nausea, eye strain, low resolution, and latency). These are two themes which the Company seeks to exploit with its technological approach. It is the view of Deepbridge that, as VR content continues to improve in both quality and quantity, wider adoption of VR will grow globally across populations and geographies.

Over the last three years, the market has displayed an evolutionary dynamic: at the start of this period, larger participants such as Facebook have acquired device developers such as Oculus, which has then proceeded to acquire technology developers to augment their HMDs. Now this process is well established, these hardware firms are now seeking content developers.

However, the industry has yet to fully address the perennial consumer complaints of insufficient availability of consumer application content, VR-induced nausea, or image resolution loss. A number of these issues are addressed by the Company’s technology.

The Company seeks to derive revenues from three specific sources:

 

·         Sales taken from high-end VR devices such as Oculus Rift

·         Sales to dedicated smartphone VR device users

·         Sales to users seeking a VR experience from ‘flat-screen’ TV’s or tablets.

Information on this webpage relates to and is provided by Deepbridge Advisers Limited.

The content of this webpage should not be construed as financial advice. Any decision to invest should be made only on the basis of the relevant documentation for each investment. Past performance is not necessarily a guide to future performance. The value of an investment may go down as well as up and investors may not get back the full amount invested. Investments in small unquoted companies carry an above-average level of risk. These investments are highly illiquid and as such, there may not be a readily available market to sell such an investment. Deepbridge Capital LLP, Deepbridge Advisers Limited and Enterprise Partners LLP (together "the Sponsors," or "Sponsor) do not provide specific individual advice on the suitability of investments with regard to a potential investor's individual circumstances, risk tolerance or investment objectives and investors should seek independent financial advice if they are in any doubt whether a product is suitable for them.