The BIVROST crowdfunding campaign turned out to be a splendid success: in just 42 days, this startup has collected 1.6 million PLN via the CrowdWay.pl platform. This is the highest sum collected by the means of equity crowdfunding in Poland so far.
The campaign gave BIVROST 101 new shareholders, who purchased the shares at a price of 8,000 PLN per share. These investments prove that the VR/AR market is a profitable niche for the future; according to the Digi-Capital forecast, in 2020, this market will be worth over 150 billion USD.
“The prices of VR goggles are still too high for a regular user. We expect these prices to fall soon, what will enable the VR technology to become mainstream,” explained Łukasz Zgiep, the COO of CrowdWay.pl. “We are sure that the VR/AR technologies will soon be present in many fields, such as entertainment, education, or marketing. This will result in an extraordinary return on investment for our shareholders; in fact, I think this is the main factor behind the success of the BIVROST campaign,” he added.
“Equity crowdfunding is a perfect implementation of the free trade principle: products are worth as much as people want to pay for them. The company, together with its team, products, vision, and achievements turns into a commodity. It is an innovative form of crowdfunding for our region, and since BIVROST is innovative by nature, it fits our profile perfectly,” said Paweł Surgiel, the CEO of BIVROST.
BIVROST offers the first end-to-end solution for producing and experiencing videos in 360° formats. Their core product is the 360o Livestreaming Camera, which is simultaneously one of the most cost-efficient solutions available. They also produce camera rigs – systems of 6 joined cameras that allow for recording 360o videos. Their professional camera rig for BlackMagic Cameras is one of only few camera systems in the world that enables filmmakers to create their films in cinematic VR quality.
„We are extremely glad of the results of our campaign. Still, we need to remember that we are competing in a market that transcends borders. The budgets of our competitors exceed ours, so our plans for the nearest future include multiplying the capital obtained during the crowdfunding campaign. We will assign the funds to large-scale production of camera rigs, expansion to foreign markets, and the development of our 360° video transmission technology. We are also working on a new video format that will hopefully become the new standard for 360° videos,” said Surgiel.