Ultrahaptics, a mid-air haptics technology spinout of Bristol University, closed a £17.9m ($23m) series B round today that featured commercialisation firm IP Group.
Electronics and industrial equipment distributor Cornes, investment firm Woodford Investment Management and family office Dolby Family Ventures also took part.
Ultrahaptics has developed technology that uses ultrasound to create the feeling of physical touch on a user’s hand, making it possible to interact with virtual objects, such as buttons, in mid-air as if they were physical instances.
The technology has applications in a vast array of sectors, from industrial controls and medical interfaces to augmented (AR) and virtual reality (VR). It is based on research by Sriram Subramanian and the Bristol Interaction and Graphics group at the Department of Computer Science.
The series B capital will go towards international expansion efforts as well as an entry into the VR and AR markets.
IP Group previously backed a £10.1m series A round in 2015 that was led by Woodford. IP Group led a £600,000 seed round in 2014, which followed £15,000 in 2013 awarded through Bristol University’s New Enterprise competition.
Makoto Seki, executive director of Cornes, said: “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.”
Steve Cliffe, chief executive of Ultrahaptics, said: “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.”
