Catopsys is a low-cost projection system aiming at making mixed reality (virtual, augmented or diminished reality) affordable. It combines a videoprojector, a camera and a convex mirror and works in a non-specific room. This system displays an immersive environment by projecting an image onto the different parts of the room. However, the presence of an uncalibrated projector, heterogeneous materials and light inter-reflections influence the colors of the environment displayed in the room. Radiometric compensation of the projection process enables the system to reduce this problem. In this paper, we present our low-cost immersive projection system and propose a radiometric model and a compensation method which handle the projector response, surface materials and inter-reflections between surfaces. Our method works in two stages. First, the radiometric response of the projection process is evaluated. Then, this radiometric response is used to compensate the projection process in the desired environments.