Vizuality Jersey Ltd, founded by Phil Morris and Fred Meyer, had been developing virtual-reality equipment, which appears set to become the next must-have home entertainment format.
However, Mr Morris said that the company had been too early for the market, with other big-name brands delaying the release of their devices, which allow users to explore virtual worlds using a special headset.
In September Vizuality announced it had opened a studio in Liverpool, with the co-founders saying the technology could be used to play games or explore architectural plans, and also had educational and therapeutic applications as well. They also planned to open a business in Jersey.
And Mr Morris and Mr Meyer had developed a way for multiple users to explore the same virtual world within the same studio – something not yet available in the commercial market.
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