This Thursday, haptic feedback technology company HaptX secured $32 million USD to further commercialise its products following a rise in client demand.
The awarded capital also allows the Redmond-based firm to fund research and development (R&D), building upon its HaptX Gloves DK2, a touch-simulation product. Additionally, the capital enables the growth of new extended reality (XR) and robotics hardware.
Today HaptX proudly announces our raise of $23M in strategic funding. We’re excited to put these funds to work commercializing next-generation products. https://t.co/iv09jdQaeN #haptics #VR #robotics #innovation #startups #funding
— HaptX (@HaptX) September 15, 2022
Crescent Cove Advisors, in part, led the funding round. The firm also secured HaptX with $4 million in financial credit in 2021.
Jun Hong Heng, the Founder and Chief Investment Officer of Crescent Cove Advisors, said that HaptX is facing a “tremendous” customer demand from a diverse client base. He added that the firm’s haptic glove hardware is critical in developing Web3 and metaverse services.
The news follows HaptX hiring XR industry expert Linda Jacobson as the firm’s Director of Marketing. Jacobson has worked as a marketing leader, strategic advisor, and consultant with firms such as XRHealth, Embodied Labs, and Penumbra, Inc.
Haptic: Touch Simulation
The HaptX Gloves DK2 product simulates touch in a virtual environment by delivering 40 pounds of force per hand via 130 feedback points.
Seen at #MWC22: @HaptX gloves for high end #VR. The backpack contains the PC necessary to drive the headset but #5G Advanced’s Ultra Reliable Low Latency Communications (#URLLC) will soon offload the processing for this technology to the cloud for lightweight glasses. pic.twitter.com/GmEonqZ02Z
— Michael Hainsworth (@hainsworthtv) March 2, 2022
Late last year, the Redmond-based firm reacted to a video showing Meta Reality Labs developing a similar haptic glove technology prototype.
In an open letter, Haptx said that Meta’s microfluidic haptic feedback glove contained many patented technologies, including microfluidic tactile feedback laminate and pneumatic control architecture.
The firm wishes to drive interest and competition in microfluidic haptics technology, although HaptX added that “the competition must be fair for the industry to thrive.” Meta has not addressed HaptX patent concerns.