SpaceoutVR, a virtual reality startup based in downtown Troy, New York, was paid $850,000 in May of last year, after selling its trademarked intellectual property. Pictured: COO Dennis Adamo and CEO V. Owen Bush.
SpaceoutVR, a virtual reality startup based in downtown Troy, New York, was paid $850,000 in May 2016 after selling its trademarked intellectual property.
That's according to documents filed with Netcapital, a private equity and venture capital firm. SpaceoutVR is looking to raise up to $2 million in stock through the service.
That money was critical to the downtown Troy business as it was looking to raise $1.5 million. SpaceoutVR ultimately raised, and was able to invest, more than $1.2 million in the company.
About a year ago, the Business Review reported the company was rebranding itself to SpaceoutVR from the name Daydream.io. Other than a note that there was a "game-changing financial event based on several company-owned assets," the reason for the rebranding was not known.
Around the same time, Google, which is owned by Alphabet Inc. (NASDAQ: GOOG) announced its virtual reality platform, which includes hardware, smartphone tech and apps, would be called Daydream.
The Business Review reached out to the SpaceoutVR executives to see if the name change was influenced by Google. At the time, Dennis Adamo, COO and co-founder of SpaceoutVR, said the company did not know Google's platform was going to be called Daydream until it was announced. He said Google did not reach out to ask the startup to change the name.
It was not clear at the time whether Google paid for the name.
SpaceoutVR, moved to the Quackenbush Building in downtown Troy from New York City after Adamo and CEO V. Owen Bush started the company in May 2015. It develops apps and software for virtual reality users — an industry expected to reach $150 billion in total revenue by 2020.
The company had eight employees in March, according to the Business Review's most recent Technology Startup Companies List.