Starting as a project within Bristol University, Ultrahaptics has come a long way. The British firm specialises in creating haptic feedback without the need for the user to wear any bulky suits, gloves or other add-ons by using ultrasound technology. Now the firm are poised to develop even further with a £17.9 million (GBP) cash injection.
Ultrahaptics has received funding from Dolby Family Ventures, Cornes and the IP Group, who are all confident in the ability of the firm to further develop the technology that allows users of virtual reality (VR) to ‘feel’ virtual objects. Touchless interfaces are already being looked into, with Ultrahaptics having worked on concepts for vehicles, industrial controls and medical devices.
Speaking of the latest funding round, Mark Reilly, Head of Technology at one of the investors, the IP Group said: “We have supported Ultrahaptics from the very beginning and have been impressed with its substantial growth and ambition. I am particularly excited about the prospect of the company bringing its technology to virtual reality where it has the potential to be truly disruptive, and where the market pull has been significant.”
A representative of another investor, Makoto Seki, Executive Director, Cornes, was in agreement, saying: “We are excited to have our partnership further strengthened with Ultrahaptics. Since we agreed a distribution agreement with the company the market pull for this technology has been clear to us and it was an obvious choice for investment.”
Ultrahaptics CEO, Steve Cliffe added: “We are a global business and the range of investors now reflects this more than ever. The Dolby family fund managers bring expertise in key markets, Cornes reflect and support the growth of our distribution network in Asian markets, and we are of course thrilled to continue our existing relationship with both IP Group and Woodford Investment.”
VRFocus will bring you further news on investment in VR companies and projects as it becomes available.