Company Profile:

Facebook Technologies, LLC, doing business as Oculus, is an American technology company

founded by Palmer Luckey, Brendan Iribe, Michael Antonov and Nate Mitchell in July 2012 in
Irvine, California, now based in Menlo Park. It specializes in virtual reality hardware and software
products.

In April 2012, Luckey announced the Rift, a virtual reality headset designed for video gaming, and
launched a Kickstarter campaign in August to make virtual reality headsets available to
developers. The campaign proved successful and raised $2.4 million, ten times the original goal
of $250,000. Two pre-production models were released to developers; the Oculus VR DK1
(Development Kit 1) and Oculus VR DK2 (Development Kit 2). The consumer product was released
on March 28, 2016 with an all-new design incorporating specialized VR displays, positional audio,
and infrared tracking system.

In March 2014, Facebook, Inc. CEO Mark Zuckerberg agreed to acquire Oculus for US$2.3 billion
in cash and stock. In 2015, Oculus acquired Surreal Vision, a British startup focused on 3D
reconstruction and mixed reality, stating that it could be possible for Oculus to develop
products with the concept of telepresence.

The company partnered with Samsung to develop the Samsung Gear VR in November 2015 for
the Samsung Galaxy smartphones.

Services or product:
Company is providing the following products

 Samsung Gear VR
 Oculus Rift CV1
 Oculus Go
 Oculus Rift S
 Oculus Quest
 Oculus Medium
About the Founders:
Palmer Freeman Luckey (born September 19, 1992) is an American entrepreneur best known
as the founder of Oculus VR and designer of the Oculus Rift, a virtual reality head-mounted
display that is widely credited with reviving the virtual reality industry. In 2017, Luckey
departed Oculus and founded defense contractor Anduril Industries, a defense technology
company focused on autonomous drones and sensors for military applications. Luckey ranks
#22 on Forbes' 2016 list of America's richest entrepreneurs under 40.

Brendan Trexler Iribe is an American game programmer, entrepreneur and the original CEO
and co-founder of Oculus VR, Inc. and Scaleform.

Michael Antonov was co-founder and CTO of Scaleform, the #1 user interface (UI) technology
provider in the video game market, which was acquired by Autodesk (NASDAQ: ADSK) in March
2011. Michael is an expert in complex multi-threaded architecture, computer graphics,
programming language design, and engineering management. Michael is now the Chief
Software Architect at Oculus. Additionally, Michael Antonov has had 3 past jobs including Lead
Software Architect at Gaikai.

Nate Mitchell is Co-Founder and vice president of product at Oculus, the company that’s
bringing immersive virtual reality technology to the world. Nate currently heads up Oculus
product development, including the highly anticipated Oculus Rift headset. Before Oculus, Nate
worked on the product teams at Gaikai, the cloud-gaming company acquired by Sony Computer
Entertainment in 2012, and at Scaleform, developers of the leading user interface solution for
the video game industry, which was acquired by Autodesk in 2011.

Innovation used by founder

Over the years VR industry has had a massive popularity growth. This industry has massive
potential in the realms of gaming, film and general entertainment, but the number of use cases
for the tech is growing across industries from architecture to manufacturing design to tourism.
Palmer luckey had the insight and interest to invest in this industry. He became interested in
virtual reality thanks to his love of video games. He spent tens of thousands of dollars to build a
six-monitored computer rig. But even that wasn't immersive enough for the kind of gameplay he
envisioned, so he thought, "Why not just put a small screen directly on your face?” At 17, in his
parents garage, Luckey started building the Oculus headset prototype that he eventually
launched on the crowd-funding site Kickstarter, where it raised an astounding $2.4 million. Later
on this startup was bought by facebook for a whopping $2 billion. The deal immediately sky-
rocketed Luckey's net worth to about $500 million. He was only 21.
Discussion:

Palmer luckey was a true entrepreneur in the sense that his innovation, awareness and decisions
has brought about an economic change which led him into creating an organization which is now
the best ranked company in its industry and although luckey is now not among its members his
name will always be connected to it.

References

www.wikipedia.org/

www.crunchbase.com/