VR streaming platform Vreal shuts down and lays off staff
"We were definitely ahead of our time," says virtual reality startup
Seattle-based virtual reality startup Vreal is shutting down operations and laying off staff.
Vreal raised $15 million in venture capital since being founded in 2015, most of which came from an $11.7 million Series A round early last year.
The platform arrived on Steam Early Access in June 2018; the tech allowed VR streamers to share the full 3D environment of their game, meaning viewers could come and explore it freely while it was being played.
"You could be up in the heavens, or down in a lane watching the players as they rush past," CEO Todd Hooper told GamesIndustry.biz in 2017. "But the real magic is how to re-render the game for all those people, in real-time, and make it performant. That's our secret."
In a statement on it's website this week, the company said: "Unfortunately, the VR market never developed as quickly as we all had hoped, and we were definitely ahead of our time.
"As a result, Vreal is shutting down operations and our wonderful team members are moving on to other opportunities."