You are now viewing Wefunder in English. Always view Wefunder in this language

Invest in Immersed

🥽 Spatial Computing (XR) + 🦾 AI Agent to Supercharge Productivity ⚡️ ($20M raised)

Last Chance
Closing on Mar 27 @ 11:59 PM ET
06
day
23
hour
32
min
05
sec
FIRST GOAL HIT (You can still invest)

$2,294,700

raised from 395 investors
INVESTMENT TERMS
Convertible Note
$200M valuation cap
Investor Perks:
$5K, $10K, $50K, $100K, $250K, $500K

Investment Terms

You will be investing in Immersed through an SPV. This means that when you invest, you will be signing the SPV Subscription Agreement, not the direct investment contract. For more information on SPVs, see here.

Financials

We have financial statements ending December 31, 2023. Our cash in hand is $1,589,997, as of January 2025. Over the three months prior, revenues averaged $101,813/month, cost of goods sold has averaged $11,741/month, and operational expenses have averaged $594,569/month.

At a Glance

Jan 1 – Dec 31, 2023
$220,413
-31%
Revenue
-$5,307,684
Net Loss
$2,678,785
+111%
Short-Term Debt
$3,449,917
Raised in 2023
$1,589,997
-31%
Cash on Hand
Created with Highcharts 9.1.2$323,077$323,077$220,413$220,413-$5,953,404-$5,953,404-$5,307,684-$5,307,684RevenuesProfit20222023
Net Margin:
-2,408%
Gross Margin:
67%
Return on Assets:
-165%
Earnings per Share:
-$0.38
Revenue per Employee:
$8,477.42
Cash to Assets:
50%
Revenue to Receivables:
35%
Debt Ratio:
98%
Immersed Inc. Audited Financials 2023-2022 - Alice.CPA.pdf
Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Overview
Immersed enhances enterprise productivity through spatial computing software, mixed reality hardware, and artificial intelligence solutions.
Milestones

Immersed Inc. was incorporated in the State of Delaware in January 2017.

Since then, we have:
- Released Curator, your AI computer-using agent. More @ Visor.com/curator.
- Built Visor: higher-res than Apple Vision Pro, 70% lighter, & 70% cheaper. More @ Visor.com.
- 1.4 Billion+ views on social media ($0 ad-spend); 1.3M YT subscribers
- Users spent over 1,600 years in the Immersed app (40-60hrs/week in headset).
- Raised ️️️‍$19M to date; ~$7M revenue to date; $71M projected revenue in Visor’s 1st year (not guaranteed).
- Partnered with Qualcomm, Pegatron, & BOE to ship premium work-focused Visor.
- Seen on: Time, The New Yorker, Forbes, Fortune, Yahoo Finance, Bloomberg TV, etc.️
- Visor & Curator AI are both patent pending.
- 5,000+ investors to date.
Historical Results of Operations
  • Revenues & Gross Margin. For the period ended December 31, 2023, the Company had revenues of $220,413 compared to the year ended December 31, 2022, when the Company had revenues of $323,077 due to sunsetting legacy subscription model and pivoting to a new product.
  • Assets. As of December 31, 2023, the Company had total assets of $3,208,152, including $1,589,997 in cash. As of December 31, 2022, the Company had $3,801,739 in total assets, including $2,491,953 in cash.
  • Net Loss. The Company has had net losses of $5,307,684 and net losses of $5,953,404 for the fiscal years ended December 31, 2023 and December 31, 2022, respectively.
  • Liabilities. The Company's liabilities totaled $3,128,785 for the fiscal year ended December 31, 2023 and $1,605,973 for the fiscal year ended December 31, 2022.
Related Party Transaction

Refer to Question 26 of this Form C for disclosure of all related party transactions.

Liquidity & Capital Resources

To-date, the company has been financed with $976,256 in debt, $11,288,144 in equity, $6,504,300 in convertibles, and $50,000 in SAFEs.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 18 months before we need to raise further capital.

We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.

We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 6 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.

Runway & Short/Mid Term Expenses

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. Our intent is to be profitable in 9 months.

We have completed the development of the Visor headset and moved toward shipping it to customers. We are now launching (as of the campaign) our paid beta of Curator AI (computer-using AI agent).

In 6 months, we expect to ship 31,300 Visors (75k people currently on the waitlist) and generate $22.6M in revenues between shipped Visors, Pro Mode subscriptions, and Curator AI subscriptions. We also expect to have $5.5M in deferred revenue, and $26.1M in expenses as we get Visor to mass production and ramp up our Curator and Visor teams.

We are not yet profitable. If we raise $5M in this offering, we believe we could be profitable by end of Summer 2025.

We can rely on the cash on hand, the revenue we're currently making, and the funds made from this campaign to cover short-term operations.

All projections in the above narrative are forward-looking and not guaranteed.

Risks

1
Since we are currently only available on 3rd party headsets, we currently relying on Meta/Apple/Google/HTC/ByteDance/etc for distribution, but we are planning to be on even more devices in the future, and are releasing our own.
2

The long-term success of Immersed will depend on the tech giants continuing to spend billions of dollars into research and development for the next generation of computing devices (VR headsets or AR glasses). We believe it is inevitable, but this is still technically an assumption.

3

Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.


Other Disclosures

The Board of Directors

Director Occupation Joined
Renji Bijoy CEO @ Immersed Inc. 2017

Officers

Officer Title Joined
Renji Bijoy CEO 2017

Voting Power

Holder Securities Held Power
Renji Bijoy 4,000,000 Common Shares 28.3%

Past Fundraises

Date Security Amount
Current Convertible Note $712,257
1/2025 Convertible Note $50,000
11/2024 Convertible Note $1,000,000
10/2024 Loan $88,300
9/2024 Loan $75,000
8/2024 Convertible Note $1,724,300
7/2024 Convertible Note $425,000
7/2024 Loan $420,000
7/2024 Convertible Note $1,000,000
5/2024 Loan $67,600
3/2024 Loan $270,000
9/2023 Priced Round $2,999,917
8/2023 Convertible Note $450,000
5/2021 Priced Round $99,997
4/2021 Priced Round $3,708,749
4/2021 Priced Round $3,775,965
3/2021 SAFE $653,516
10/2020 Convertible Note $200,000
8/2020 SAFE $1,070,000
5/2020 SAFE $50,000
4/2020 Convertible Note $950,000
4/2020 Loan $55,356
10/2018 Convertible Note $265,000
11/2017 Convertible Note $340,000
7/2017 Convertible Note $100,000
6/2017 Priced Round $20,000
1/2017 Convertible Note $50,000

Convertible Notes Outstanding

Issued Amount Valuation Cap
8/31/23
$450,000
$150,000,000
7/10/24
$1,000,000
$150,000,000
7/31/24
$425,000
$150,000,000
8/31/24
$1,724,300
$150,000,000
11/26/24
$1,000,000
$150,000,000
1/30/25
$50,000
$150,000,000

Outstanding Debts

Issued Lender Outstanding
3/31/24 Shopify Capital Inc.
$85,995
7/15/24 Working Capital
$193,916
9/16/24 Shopify Capital Inc.
$84,750
10/21/24 Stripe Servicing, Inc.
$47,150

Related Party Transactions

Use of Funds

$100,000 6.5% towards Wefunder intermediary fee, 93.5% towards hiring and operations

$5,000,000 6.5% towards Wefunder intermediary fee, 93.5% towards hiring and operations (focus on hiring for products that monetize).Raising our maximum target will allow us to hire a larger AI team, create additional accessories for Visor 1, and build out the team for Visor 2.

Capital Structure

Class of Security Securities (or Amount) Authorized Securities (or Amount) Outstanding
Series 1 Preferred Stock 8,950,000 8,315,264
Common Stock 33,000,000 5,821,712

The Funding Portal

Immersed is conducting a Regulation Crowdfunding offering via Wefunder Portal LLC. CRD Number: #283503.

Form C Filing on EDGAR

The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.

Details