Last Updated on September 15, 2022
- The round was round led by AIS Global and Crescent Cove Advisors.
- This investment brings HaptX’s total funding to more than $58 million.
- The proceeds from this round will be used to fund the commercialisation of HaptX Gloves DK2.
HaptX, the provider of realistic haptic technology, today announced a $23 million strategic funding round led by AIS Global and Crescent Cove Advisors, with participation from Verizon Ventures, Mason Avenue Investments, and Taylor Frigon Capital Partners.
The new capital brings HaptX’s total funding to more than $58 million, with Centerview Partners acting as financial advisor. The funds from this round will be used to commercialise the HaptX Gloves DK2.
Unlike other haptic gloves which are limited to vibration and force feedback, HaptX Gloves physically displace the user’s skin the way a real object would and could possibly play a role in enhancing the immersiveness of the metaverse.
The company claims that Fortune 500 companies and governments around the world have adopted HaptX Gloves for the most demanding applications in training and simulation, industrial design, and robotics.
“HaptX has succeeded in generating tremendous customer demand across a wide array of use cases,” said Jun Hong Heng, Founder and Chief Investment Officer of Crescent Cove Advisors. “We believe HaptX will play a foundational role in fulfilling the promise of the Metaverse as an immersive 3D successor to today’s 2D internet.”
In conjunction with the fundraise, HaptX has extended its partnership with AIS Global, a portfolio company of New York-based KPS Capital Partners. AIS Global is a global designer and manufacturer of innovative human-machine experience (“HMX”) solutions for original equipment manufacturers worldwide in the medical, commercial, industrial and gaming end-markets.
Crescent Cove Advisors, a multi-asset investment firm based in San Francisco, substantially increased its investment in HaptX in this funding round after providing a $4 million credit facility to HaptX in 2021.
“We are proud to have the commitment of partners like AIS Global and Crescent Cove fueling our efforts to build haptics so lifelike that users can’t distinguish between the virtual and the real,” said Jake Rubin, Founder and Chief Executive Officer of HaptX. “This funding will enable HaptX to build on the success of HaptX Gloves DK2 with exciting new products that will redefine virtual and robotic interactions.”
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