www.sentrypc.com
Newegg

Sandbox VR Creators Go Bust After Only 4 Years

Glostation USA Incorporated, a virtual reality startup most widely known for creating Sandbox VR, has unfortunately filed for bankruptcy. The company submitted the legally required paperwork to declare insolvency just this week, in fact. But this end of an era appears to be quite surprising, nonetheless. Because Glostation, founded in 2016, raised funds on plenty of occasions in the past.

And its list of investors is pretty elite, as well, since celebrities such as Will Smith, Katy Perry, Justin Timberlake, and Orlando Bloom backed it over these meager four years. And then there are many institutional investors like Alibaba and the Stanford University which have previously financed Sandbox VR, in particular.

But the money is apparently all gone, given today’s developments. And that is primarily the fault of a single-minded business model that was all about arcades. VR arcades, to be honest, but the difference is negligible. Since this year’s lockdowns hit VR arcades just as hard as any other non-essential business.

Prior to filing for Chapter 11 bankruptcy this Thursday, Glostation had in excess of $80 million in risk capital. That leverage is what ultimately buried it, unfortunately. The Sandbox VR brand will probably live on, however, after it’s auctioned off as part of the liquidation process.

More From RunAroundTech.com

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

DON'T MISS

Standard Operating Procedure Software and How Intranet Software Can Also Standardize Processes

In today’s fast-paced business world, efficiency and consistency are key to operational success.

The ColumPRO 1/4-inch 105° Drill Screwdriver Set

Looking for a versatile drill bit set? Check out our comprehensive review of the ColumPRO 105° Right Angle Drill Bit Set.

MORE FROM RUNAROUNDTECH.COM

IDTechEx Explores Sustainable Plastics In The Automotive Industry

The automotive industry is under increasing scrutiny to improve sustainability, and one of the key approaches to addressing this is sustainable material choice.

Maximizing Business Efficiency with Python Development Outsourcing

Discover how Python development outsourcing can reduce costs, improve efficiency, and scale your business with expert global talent.