HaptX 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. This investment brings HaptX's total funding to more than $58 million.
The company said the proceeds from this round will be used to fund commercialization of new products building off of the HaptX Gloves DK2. Unlike other haptic gloves which are limited to vibration and force feedback, HaptX Gloves physically displace the user's skin with more than 130 points of tactile feedback per hand. Companies have adopted HaptX Gloves for applications in training and simulation, industrial design and robotics.
In conjunction with this transaction, HaptX has extended its partnership with AIS Global, a portfolio company of New York-based KPS Capital Partners.
"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."
"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."