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I would like to have a succinct yet comprehensive overview of an angel investment I'm considering making. The company is Dreamscape, an immersive Virtual Reality "movie theatre". I would like to all information from the pitch deck and offer categorized into sections so as to read as a "run-down" of what is being offered, and key points they've made.
Hi! Thanks for asking Wonder for a detailed overview of Dreamscape.
The short answer is Dreamscape is launching in LA in September 2017. The most useful sources I found in this research were Brandchannel.com and Forbes. Below you will find a deep dive into my findings.
THE COMPANY
• Dreamscape has been very secretive, but its executive structure involves some big names in Hollywood
Dreamscape has so far kept its company structure rather secretive, but some details have recently begun to emerge. Among known executives are:
INVESTORS AND FUNDING
• Funding amounts to $11 million to date, and Dreamscape has big-name backers from many Hollywood studios
Bold Capital Partners are the main investment firm behind Dreamscape's current startup capital. According to Crunchbase, the company also has funding from major Hollywood studios: 21st Century Fox, IMAX, MGM, Steven Spielberg, Warner Bros. and Westfield Corporation (the location for its first site).
Bold Capital Partners is interested in a variety of high-tech startups, but they have a recent investment in Digilens, a maker of holographic and transparent displays.
PROPOSAL FOR LAUNCH & SETUP
• Dreamscape is proposed to launch in September 2017 at Westfield's Century City Mall
Dreamscape's first location is going to at Westfield's Century City Mall in September 2017. It is calling its location a "VR multiplex", where customers can not just watch content but actually interact with it and others beside. Each experience will be within a 'pod' where individuals or groups (up to 6) can experiencein a single VR environment using 16 cameras and sensors. Tickets are expected to cost between $15-20 for around 10 minutes' worth. Each VR experience is speculated to cost around $1 million to produce. According to Dreamscape themselves, these experiences will be tied to the release of major motion pictures, envisioning their venues as geographically adjacent to theater multiplexes and the associated consumer traffic.
While September is still many months away, Dreamscape debuted a prototype for its proposed experience at Abundance 360 back in January. Testers have uploaded pictures to show how the system works and their feedback is positive, saying "after a full 20 minutes, we wanted more (a first for a VR experience for either of us."
Dreamscape's technology is backed by Artanim, a motion picture capture center in Geneva, Switzerland. They have developed "Real Virtuality" for Dreamscape, the first company to commercialize Artanim's innovations. Real Virtuality is real-time motion capture using cameras and body sensors, using Artanim's roots in the body mechanics capture for medical applications. It is wireless and boasts accuracy within less than a millimeter deviation.
FUTURE PLANS
• Dreamscape's future could see branching out into other industries
At the moment, Dreamscape are not officially declaring anything after their launch in September. However, there is some speculation that in addition to expanding its ties with Hollywood, Dreamscape may branch out into other sectors, like military, medical training, communications and tourism.
VR INDUSTRY PREDICTIONS
• Despite slow adoption of VR headsets, the future of the industry is extremely optimistic
Dreamscape is trying to push forward the advancement of VR into our everyday lives. Its February announcement coincided with Best Buy closing 200 of its 500 Oculus pop-ups due to low consumer demand. With customer experience being more important than ever, temporary lower-cost (to the consumer) experiences like Dreamscape's could prove popular. To date, cost has been a major factor inhibiting adoption outside the gaming sphere, but experiences like Dreamscape's will increasingly blur the lines between gaming and film. It also has the unique position of being the first medium to achieve 100% of user's attention - you can't check your phone or daydream when immersed in VR, you have to engage with the content for it to work.
COMPETITORS
• IMAX has already opened an out-of-home arcade in LA
Costs for IMAX's arcades equal about $1 per minute, and is not connected to its already-existing theater locations. However, its planned future centers in New York and overseas will be, the concept being to capture movie-goers as they wait for their show to start. IMAX's arcades use HTC Vive's headset along with Subpac haptic vests and a D-Box motion chair. The experience will not as immersive as Dreamscape's due to the limitations of the headset, but they do capitalize on IMAX's reputation in entertainment.
BREAKDOWN ON THE INVESTMENT
• Offering convertible securities
Details on the form provided show that investors will be issued with convertible securities. Upon the closing of the next equity financing of Dreamscape, the convertible security will be automatically converted into the number of convertible shares equal to the figure obtained by dividing the purchase price by the conversion price.
CONCLUSION
As you can see, Dreamscape is a promising company with big plans and famous names backing its claims. It aims to open its first location in LA in September 2017, eventually expanding into a variety of industries that will suite commercial immersive VR experiences.
I hope this has been helpful. Please feel free to ask Wonder if you have any more questions!