VR Studio AEXLAB Generates Over $700,000 in Regulation Crowdfunding

By James White Monday, March 22, 2021

Virtual reality (VR) continues to expand its reach into the market with a variety of applications. From giant tech companies and businesses like Microsoft and Google to small startups, VR opens up a new world of possibilities from both an entertainment and business perspective. Startup VR company AEXLAB is drawing closer to its regulation crowdfunding goal of $1 million through its StartEngine campaign as support for the business surpassed $700,000 in only three weeks.

“Virtual reality should be a first class socially immersive experience available to a wide array of consumers,” said Jonathan Ovadia, co-founder and CEO of AEXLAB. “Up until now, those who wanted to engage in a VR experience had to spend thousands of dollars to obtain the necessary equipment. AEXLAB offers an all-encompassing VR experience at a fraction of the price, all without the need to connect to a desktop.”

Over 500 investors have already backed the startup company. The business is allowing interested investors to buy equity in the company for as little as $102 and is offering up to 178,333 shares of Class A common stock. Shares in AEXLAB are currently going for $6 per share. The crowdfunding campaign comes as the startup VR business continues to develop its VAIL video game franchise, which the company is actively gearing toward the esports market.

A man practicing boxing with a VR headset and controls.

Bringing VR to the Competitive Gaming Scene

Founded in 2015 by Ovadia in addition to entrepreneurs Elizabeth Ann Clark and Albert Ovadia, AEXLAB has provided technology to implement VR into multiple creative projects. Clark, Chief Creative Officer at the startup business, previously worked on another VR experience called “Water Planet,” which served as an underwater adventure game developed to be experienced alongside her own electronic music. Now, Clark and the AEXLAB team are working on an immersive 5v5 first-person shooter poised to draw esports competitors into the realm of VR.

The game designed by the startup company is designed to enhance the social experience of online gaming by allowing users to interact with each other in pre-game lobbies with all the benefits of VR (including full-body animation) outside of the simple voice chat offered through typical non-VR games. Furthermore, the startup business utilizes haptic feedback, audio spatialization, and realistic firearms simulation to completely immerse gamers in the digital environment. VAIL is currently in closed Alpha testing with over 300 competitive gaming testers.

AEXLAB intends to produce revenue streams from esports activity, game sales, and in-game transactions, in addition to licensing intellectual property.

Breaking Into Esports

According to market research, the global esports market size is expected to reach $6.82 billion by 2027 after growing at a CAGR of 24.4%. Games such as Counter-Strike, Dota 2, League of Legends, and Call of Duty offer millions in prize winnings every year, while esports organizations draw revenue from sponsorships, merchandise, advertising, and ticket sales. AEXLAB’s startup company seeks to enter this market by producing a VR game capable of capturing (and holding) the attention of competitive gamers and sponsors.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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