In early 2017, ODG arrived at CES in 2017 with a two-tier booth and ambition. Ralph Osterhout, the founder of the startup, wants the San Francisco-based company to go beyond its military contractors in AR to create a large business and consumer business with a gorgeous new product line. The company had just raised $58 million, and the Las Vegas Electronics Show was the launch platform for its R-8 and R-9 Augmented Reality glasses, which Osterhout hoped would attract the mass market.
Less than a year later, however, the company ran out of funds and was unable to pay its employees. By early 2018, ODG had been heavily indebted to pay its employees’wages, losing half of its employees. Several sources said that today, less than a week after the failed acquisitions of several large technology companies, such as Facebook and Magic Leap, a backbone team was waiting for a patent to be sold.
Ralph Osterhout, 73, founded ODG 20 years ago as a high-tech toy company. After personally contributing $14,000 in cash to insure ODG, Osterhout persevered with the start-up company on its own merits. Later, he decided that it was time to look outside for funds so that his company could become a strong company in the booming augmented reality industry. At the end of 2016, the company raised $58 million under the leadership of 21 Century Fox.