While VR has long gotten lots of buzz in the media, it's still in its infancy.
Read MoreA battle for the future of virtual reality gaming
Currently, users are pretty limited in what they can actually do while wearing a virtual reality headset. Sure, there are immersive visuals, but in general users can only look around at the environment and make limited movements. Romo said to take VR to the next level, it needs to include a social element.
"Meeting in virtual reality you get the same nonverbal communication you would in real life. You are able to see someone else's body language and you can understand why they are looking that way or what they are looking at," Romo said.
The Redwood, Calif.-based company's software enables users to meet up in a VR setting in the form of an avatar and do things, have conversations, share online content and play games.
Altspace VR partnered with Intel to demonstrate its technology at CES earlier this month and to show how its technology—along with Intel's RealSense 3-D cameras, which track hands—could be used together to enable users to toss a ball back and forth in a virtual reality setting.
Beyond consumers, Romo said he envisions a time in the not-so-distant future where people may put on a virtual reality headset to attend a meeting across the world.