Unlocked Reality

Early Stage

Unlocked Reality Makes Virtual Reality Movement Natural & Fluid.


Raised to Date: Raised: $211,505

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San Jose, California


Consumer Products, Goods & Services

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Unlocked Reality, with a valuation of $4.8 million, is raising funds on Netcapital. The company is a virtual reality hardware accessories company focused on solving problems that Headsets, Treadmills, Slidemills, and Hand Trackers can’t solve. Unlocked Reality’s platform aims to transform locomotion in a virtual environment. Say goodbye to rigs, harnesses, and clunky devices as our patent pending design provides freedom in movement. The company was founded by Akash Bellippady in 2020. The current crowdfunding round has a minimum goal of $10,000 and a maximum goal of $600,000. The campaign proceeds will primarily be used for hiring of employees, research and development and marketing.

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Financials as of: 12/20/2021
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Virtual reality (VR) technology is futuristic and enticing, a way to escape to entirely different worlds with the help of a small headset. Beyond entertainment activities like gaming and attending concerts, virtual reality also has the potential to make a sizable impact on important sectors like healthcare, rehabilitation, military operations, and more. 

However, virtual reality has a long way to go before it enters the mainstream. High-end VR is still a bit too expensive for the average consumer. Perhaps more importantly, today’s virtual reality isn’t actually that immersive. For the average person strapping on an Oculus, it will be difficult to achieve true immersion when there are living room obstacles to contend with. Even high-end VR accessories – like the Omni treadmill from Virtuix – require users to be strapped into a harness. 

Unlocked Reality imagines virtual reality accessories that can create true immersion. The company has plans to create a virtual reality treadmill that relies on magnetic levitation technology. This technology will allow the user to move freely on a treadmill with a natural feeling of friction and no harness. Unlocked Reality is a very young company in the prototype stage, but it has a big vision for the new heights that virtual reality can achieve with the help of its technology. 

Unlocked Reality’s current Netcapital raise has been rated a Neutral Deal by the KingsCrowd investment team.


Unlocked Reality is offering equity at a $4.8 million valuation. This valuation is much lower than is typical for crowdfunding startups, particularly those manufacturing high-technology hardware. Unlocked Reality hasn’t made much progress yet toward introducing its revolutionary virtual reality treadmills, so investors shouldn’t be paying a premium on unsubstantiated ideas. This is a fair valuation for a young company with some potentially exciting (yet unrealized) technological advantages. 


The augmented reality (AR) and virtual reality (VR) markets are young but growing very rapidly. The total global market size for all AR and VR technology was estimated at a small $15.3 billion in 2020. However, it is expected to grow to $77 billion by 2025 due to its enormous 38.1% annual growth rate. VR has applications in many different industries, and new hardware and software will need to be developed in support of those applications. There are billions to be made in this booming industry. 

It’s difficult to winnow down an exact market size estimate for Unlocked Reality’s VR treadmill product. Clearly, treadmills are only one very narrow slice of the broader virtual reality market, which is driven mostly by headsets and software. It will be a long time before VR treadmills become mainstream in American households or businesses (if they ever do). The niche nature of an expensive product not designed for casual VR users significantly limits optimism about Unlocked Reality’s market size, despite the company’s position in a rapidly growing industry.


Unlocked Reality was founded by Akash Bellippady, a recent graduate of the University of California, Santa Cruz. Bellippady holds a BS in bioengineering and spent one year after graduation working as a usability analyst for an electronic medical records company before launching Unlocked. Bellippady works alongside four other engineers, including an electrical engineer, mechanical engineer, computer engineer, and software engineer. All are recent graduates with relatively little professional experience. While the Unlocked Reality team is composed of credentialed engineers, none have any meaningful business experience or any particular qualifications to build game-changing virtual reality technology. 

Unlocked Reality also has a board of advisors, which lends a bit more experience to the company. These advisors range from founders of virtual reality companies to accelerator mentors and even social media influencers. This collective undoubtedly augments the Unlocked team’s meager experience. However, Unlocked Reality is led by an inexperienced team that is too heavily weighted toward engineering and lacks marketing or entrepreneurial expertise.


Unlocked Reality is not the only company building treadmills to further the total immersion of virtual reality (VR). There are several competitors in this space, some of which have generated a good deal of interest. Virtuix, maker of the Omni treadmill, recently raised a buzzy crowdfunding round on SeedInvest and has already generated more than $10 million in revenue. 

However, Unlocked Reality believes it has an edge on even these well-established competitors. The crucial difference between Unlocked treadmills and any other product on the market is the total lack of restraints or harnesses. The Omni treadmill, regarded by some to be the new frontier of virtual reality movement, requires a bulky restraint around the waist that poses a major problem for true VR immersion. If Unlocked can pull off a treadmill that actually requires no restraint, feels like normal walking, and is small enough to fit in the average home, it could be a game-changing device. While this idea still has a long way to go before commercialization, it could be a good time to bet on a piece of technology as potentially impactful as this one. 


Unlocked Reality is a very young company with little performance data to assess. The business was founded in October 2020 and only presents 2020 financial statements. Those three months of data reveal operating expenses of a mere $4,277. Revenue is a long way off for Unlocked, which must first develop successive prototypes of its high-tech product. 

Unlocked Reality can’t boast many other successes, either. Several prototypes have been built, but Unlocked doesn’t offer specific data on effectiveness or other conclusions from those early builds. The company’s technology is apparently patent pending, but patents are most valuable when they’ve actually been granted. 

At this stage, investors are clearly betting on the idea of Unlocked Reality’s ambitious technology. There isn’t very much compelling performance data to go on.  


Unlocked Reality is a very risky investment given its lack of traction and how long it will take to produce a sellable product. The company’s biggest threat is funding. Hardware technology companies burn an immense amount of capital for research and development before ever generating revenue. With no funding history, there’s no guarantee that Unlocked Reality can achieve a steady flow of capital. 

The Unlocked product is also risky. Prototypes are all the company has to show so far. Virtual reality is a rapidly-evolving industry, and there’s nothing to prevent a competitor from suddenly surpassing Unlocked. Lastly, the Unlocked Reality team is risky. The company has a solo founder only a couple of years out of college who is surrounded by other young graduates with no business experience. Unlocked Reality is not led by a proven team.

Bearish Outlook

Unlocked Reality is an opportunity for investors that are willing to take the risk on a young, unproven company simply for the promise of what an idea could turn into in the future. At this point, there’s almost no evidence to suggest that Unlocked Reality is a guaranteed success. The company hasn’t generated revenue and won’t for a long time to come. It’s also difficult to say for sure whether Unlocked’s technology is differentiated enough to outlast the fevered pace of innovation in the virtual reality industry. Plus, Unlocked is led by a young, solo founder surrounded by equally young engineers. An investment in Unlocked Reality is a speculative bet on the ability of this team to execute a game-changing piece of complex technology before anyone else can.

Bullish Outlook

Virtual reality (VR) is one of the hottest industries to create a company in right now. VR’s potential is almost limitless, and adoption is increasing month after month. Unlocked Reality has the potential to entirely disrupt the experience of existing in virtual reality with its sophisticated harness-free treadmill mechanism. 

Virtual reality and the metaverse could be the future of human society. Virtual reality already unlocks never-before-experienced advancements in gaming, live events, and social networking – not to mention the more serious impacts it can have in healthcare, military operations, and more. Those advancements require a comfortable, accessible way to access the virtual world. Unlocked Reality could lead that effort if its technology can outpace the fierce competition in this space. 

Executive Summary

Unlocked Reality is creating advanced “virtual reality accessories,” namely a virtual reality (VR) treadmill, designed to improve immersion for VR users. Unlocked intends to launch a product that is the first treadmill without restraints or harnesses, unlocking revolutionary movement and flexibility for gaming, military operations, and everything in between. This concept is positioned in a booming market that is defined by endless optimism and excitement about virtual reality’s role in contemporary life. Although it has no revenue to speak of, the company’s valuation seems fair. The market is small but growing with astounding speed, which could open up opportunities for Unlocked.

On the other hand, Unlocked Reality is a very young company with minimal traction. The company has built a couple of prototypes that are patent pending. Otherwise, investors are betting on an unproven idea. Unlocked is also led by a young solo founder and team of young engineers with minimal professional experience, which might pose an issue in an industry full of well-funded, hyper-competitive startups. Therefore, Unlocked Reality has been rated a Neutral Deal. 

For questions regarding the KingsCrowd analyst report or ratings for this company, please reach out to support@kingscrowd.com

Analysis written January 13, 2022.

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Unlocked Reality on Netcapital 2021
Platform: Netcapital
Security Type: Equity - Common
Valuation: $4,800,000

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