UK haptics startup changes name to Ultraleap
Ultrahaptics Ltd. (Bristol, England) acquired Leap Motion Inc. (San Francisco, Calif.) for about $30 million according to a Wall Street Journal report from May 2019. Leap Motion had raised more than $94 million since its founding in 2010. Ultrahaptics, founded in Bristol, England, in 2013, had raised about $85 million.
Ultrahaptics offered mid-air haptics that uses ultrasound to project tactile sensations onto users’ hands. Leap Motion offered hand- and finger tracking expertise. Having gone through the acquisition process Ultrahaptics has now changed name to Ultraleap Ltd.
Ultrahaptics raised about £35 million (about $45 million) in a Series C round of funding announced in December 2018. It has apparently used a substantial amount of that money to buy Leap Motion, gain a US-based operation and economy of scale.
The Ultrahaptics and Leap Motion names will be used as brands for existing products and Ultraleap used for all forthcoming software and hardware launches, the company said.
The company said that virtual interfaces are set to transform user interaction in such sectors as automotive, advertising, immersive entertainment, VR/AR, training/simulation and enterprise applications. “We provide the world’s first full vertical stack of software and hardware for spatial 3D interaction,” said Steve Cliffe, CEO of Ultraleap, in statement. Cliffe was previously CEO of Ultrahaptics.
For the year to December 31, 2018, Ultrahaptics made a net loss of £10.3 million (about US$13.5 million) on sales revenues of £1.0 million (about US$1.33 million), according to financial filings.
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