Submission · MIRAGE

Mirage

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Entertainment Tech · Seed

Volumetric capture studio as a service.

Founded
2024
Location
London, UK
Submitted
Mar 25, 2026
Ask
$5M seed at $22M post.
AI-generated memo

The read

Capital-intensive hardware business with real revenue and credible founding team. Economics depend heavily on studio utilization rate, which wasn't disclosed.

Team

Adjacent industry expertise from both founders. Not directly operator-experienced at this specific model.

Creativity

The modular studio approach is a sensible product-design response to a real cost problem in the category.

Viability

Hardware capex is significant; $410K revenue across two studios in 8 months suggests decent early utilization but the rate itself isn't disclosed.

Strengths
  • Real revenue
  • Two operating locations
  • Direct domain expertise
Weaknesses
  • Capital intensive model
  • Utilization rate undisclosed
  • Unclear competitive landscape
Open questions
  • ?What is the studio utilization rate?
  • ?What is the path to capital-efficient expansion?
Score breakdown

Six dimensions

Each category is weighted, scored 1–5, and annotated. Totals round to the final AI score.

Rationale

A 3 waiting on utilization data. If utilization is above 60%, this reads as a 4. If below 40%, it's a 2.

3
Team
25% weight
contribution 0.75

Adjacent expertise, first-time operators.

3
Creativity
20% weight
contribution 0.60

Sensible execution, not novel mechanism.

3
Market
20% weight
contribution 0.60

Growing but specialised.

3
Viability
20% weight
contribution 0.60

Depends on utilization — undisclosed.

4
Traction
10% weight
contribution 0.40

Real revenue across two locations.

4
Clarity
5% weight
contribution 0.20

Good submission; one critical field missing.

Evidence used
  • Verified revenue
  • Two operating studios with public work
Missing information
  • Studio utilization rate
  • Capex per studio
  • Capital-efficient expansion plan
Missing data reduces confidence, not score. We don’t fabricate certainty.
Recommended next step

Request utilization data and unit-economics memo; re-score.

Partner decision

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As parsed

Submission detail

Problem

Volumetric capture is prohibitively expensive for most productions.

Solution

Modular volumetric capture studios that productions can rent by the day at a fraction of custom-build cost.

Market size

$3B immersive content production; growing with XR adoption.

Business model

Daily studio rental, $8K-$24K per day.

Traction

Two studios operating in London and Los Angeles. $410K revenue in first 8 months. 14 productions served.

Ask

$5M seed at $22M post.

Founders
Aleks Novak
CEO

Former VFX supervisor at a major post-production house.

Chen Wei
CTO

Graphics engineer at a real-time rendering company.

Audit

Timeline

Every action on this submission is preserved. Nothing is rewritten. Nothing is deleted.

  1. Mar 25, 2026 · 12:20
    Submission received
    by System
  2. Mar 25, 2026 · 12:22
    Score assigned · AI score: 3 · confidence 66%
    by AI Analyst