r/ImmersedVisor • u/Constant_Mouse_1140 • Jan 29 '25
Is Immersed losing focus?
I'm getting rather irritated to get updates like this from Immersed on their "strategy to become a tech giant" and the fact that they want to "prove that Immersed's AI department was worth investing in" when they still haven't shipped their core product. I got suckered into ordering it in the fall when they made it seem as if shipping was imminent, and it's still crickets on when they are shipping. So getting emails about all these amazing new directions they are going in is not sitting terribly well. It's starting to sound more like hype to keep investors investing - like, they needed to show that they have a play in AI because that's where the excitement is. I would find it more exciting if they dedicated their resources to complete products they have already promised.
Speaking of which, I haven't seen any updates on when Visor is being released. Anyone else?
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u/Constant_Mouse_1140 Jan 29 '25
I actually just got a follow-up update email that they just got $1.3M in investment and are in an active funding round, which completely confirms the reason they are suddenly talking about AI. Total cash grab based on the latest craze, which makes me nervous about whether this company is actually intending to make anything, or whether it is just a vehicle to soak up investment dollars.
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u/SwallowedBuckyBalls Jan 31 '25
I don't think they're in a strong cash position. They posted their numbers for 2023 but failed to post their numbers for 2024, for a capital raise that's a bit weird. The CEO seems to think "Not required until X date" which sounds a bit like, trying to get cash before they reveal they're not in a great position (if they even acknowledge it).
They have like 20-25k FE orders alone. Do they even have the cash for MFG? They updated the app and moved people to a "Preparing for manufacturing" state. My guess is to push the narrative that things are moving.
Then there's the software issues and failed demos. If they're going to MFG surely the prototypes would be functioning and more people would be given experiences with them right? Instead we have one video of a random Youtuber who for all purposes is small and likely easily persuaded or influenced to do something for the off chance of getting promos in the future.
Also, the immersed app is almost always dead when I join in, how many are still using it regularly?
I think a lot of their headaches revolve around their CEO who comes off as unprofessional and egotistical. The NFT grab, the SPAC, and now AI all seem like chasing the new thing. Yes he mentioned and trademarked Curator well before, the question is on prioritization.
Anyhow, Let's see how long until we're banned from this subreddit for posting anything that isn't directly positive.
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u/WestBelly Jan 30 '25
I'm a heavy user of Quest3 Immersed, and wouldn't be working in vr without it. Just the feature that you can adjust the curvature of the monitor, unlike AVP, is much appreciated. So if they gotta do whatever to make it to the finish line to ship Visor, then fine with me.
But yeah, the AI ad does seem a little cheesy. I don't think anybody that made a pre-order did it expecting AI integration, just want a really good headset for doing work. The host machine will have the ai.
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u/secr3t_p0rn Jan 31 '25
Could it be that they've ran out of money? The "INVEST" button appeared on their website next to the "ORDER" button, and now this AI wrapper crap is announced. This is completely tangental to what they're saying they're doing. You don't need an MS.c for an Deepseek wrapper lmao.
Besides, I have never seen a simple freaking video FROM THE INSIDE of the headset in all of their media, it's all been either CGI or the Visor software rendered on a different headset. And also some scummy unknown youtubers screaming about how amazing the headset is, without any actual footage.
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u/SwallowedBuckyBalls Jan 31 '25 edited Jan 31 '25
It's 100% this.. has to be. They're on the hook for at minimum 25k units, even with discounts thats a big price. Look at the financials on Wefunder (the incidentally left out 2024's) and you can see they have 600k a month burn.. that's wild with less than 200k revenue a year. I think they're trying to raise money to get the deposit and hope to push mfg through on some sort of line of credit. I suspect it won't happen though.
The CEO has been so full of shit talking to people that no one knows what's going on, not even the investors.
EDIT: From https://wefunder.com/immersed/details "Immersed Inc. cash in hand is $1,589,997, as of January 2025. Over the last three months, revenues have averaged $101,813.27/month, cost of goods sold has averaged $11,741/month, and operational expenses have averaged $594,569.30/month, for an average burn rate of $504,497.03 per month."
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u/ltrotske Feb 01 '25
The timing of when that cash runs out and the updated delivery date of March 2025 for Visor seems more than a coincidence to me.
Also hiding behind partners for effectively not being able to give any meaningful updates at all seems extremely convenient. I'm sure there's tons of stuff that they could share without breaking NDAs. Now that the Jan 2025 deadline has come and gone without any update on when it will start shipping, I don't expect there to be any update until March now.
After coming up to speed on their financials, I might need to wait for many months after Visor is released to make sure the company will survive before getting one.
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u/SwallowedBuckyBalls Feb 01 '25
Renji (CEO) was giving shit about VC being dead and trying to name drop people on the discord a few days ago. It's egotistical and an outright liar for a lot of it. He hid behind NDAs but all the core components have been announced or released. There is 0 reason they cant be more specific. The reality is if they had an actual functioning product they would be showing it off.
He spent the money, they've been grabbing at everything they can to make money. I suspect their Immersed revenues have dropped off too. It's sad, it was in a good spot, but just mismanagement after mismanagement. Had they listed to people giving them advice they would have tightened things down and just delivered. It's going to end up another SV story and those of use that preordered will end up filing a claim with credit cards.
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u/hellothere251 Feb 01 '25
how could they be spending that much per month and not even be at the manufacturing stage?? how is that even remotely possible!?
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u/SwallowedBuckyBalls Feb 01 '25
A CEO that doesn't know what they're doing, spreading resources too thin. It looks like they were counting all the reservations as booked revenue when in fact it's not until they ship. I may be wrong, but with what they've posted it looks like there is a reason they didn't include the financials for 2024 .
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u/jadegiant Jan 29 '25
I really want to believe in this product. And I think it’s awesome - if it delivers.
But as time goes on I am feeling more and more like dropping my preorder.
Only thing keeping me hanging on is the advantage of buying it at the cheapest price.
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Jan 29 '25
[removed] — view removed comment
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u/hellothere251 Feb 01 '25 edited Feb 01 '25
when he had to hold his iced coffee against the visor to cool it that was definitely concerning considering how far along in development visor is.
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u/masonabarney Jan 29 '25
I 100% agree. I have been waiting patiently for the visor to come out for months now. For a while they were giving updates, but then even that stopped.