The problem is, because of relatively slow VR adoption and a dearth of viable revenue streams, NextVR never saw the kind of "hockey stick" growth its backers had hoped for.

Those obstacles eventually loomed so large that the company failed to raise a third major funding round, forcing it to layoff nearly 40 percent of the workforce at its Newport Beach headquarters.

The writing was on the virtual wall -- until Apple swooped in with a check. .