Ultrahaptics raises £35 million in oversubscribed Series C fundraising
3 December 2018 – New funding will support exciting new product development and further B2B customer acquisition across global markets and industry sectors.
Ultrahaptics, the world leader in mid-air touch technology, today announced it has completed a £35 million ($45 million) Series C round of investment. The raise, which was oversubscribed, will enable Ultrahaptics to further develop and commercialise its revolutionary haptic technology in next generation user interfaces and experiences.
The new funding is led by Mayfair Equity Partners, the buyout and growth investor providing capital to dynamic businesses in the TMT and Consumer sectors, with further new investors including Hostplus, the major Australian superannuation fund. Existing shareholders IP Group plc, Woodford Investment, Cornes and Dolby Family Ventures have again participated.
Founded in 2013 and based on technology developed at the University of Bristol, UK, Ultrahaptics’ core technology uses proprietary algorithms and supporting hardware to project ultrasound-driven tactile sensations in mid-air. Users can ‘feel’ and interact with virtual objects and controls, using freehand gestures to interface with technology and content.
Ultrahaptics is currently engaged with blue-chip customers across key verticals such as automotive, where the company has developed concept vehicles with Bosch and Harman; digital signage; location-based entertainment; industrial controls; medical interfaces; VR games; and augmented reality / virtual reality (AR / VR) enterprise applications. The company also supports the international academic community through a programme designed to enable additional haptics research and development.
Commenting on the round, Ultrahaptics CEO, Steve Cliffe, said: “We’re delighted to welcome major new investor Mayfair, while receiving further endorsement and support from our existing shareholders for the company’s exciting next phase of development. Our funding has become ever more global, reflecting the potential of our technology in industry sectors and markets all over the world.”
Daniel Sasaki, Managing Partner of Mayfair Equity Partners, said: “The potential for mid-air haptics systems within immersive infotainment systems and human-machine interfaces is very compelling and exciting. We look forward to supporting the Ultrahaptics team in their journey to become the global platform enabling mid-air haptics.”
Dr Mark Reilly, Managing Partner of Technology at IP Group plc, said: “We are delighted to welcome such high-quality new investors to join us in supporting the next stage of growth at Ultrahaptics. The company is yet another example of a top UK ‘deep tech’ start-up nurtured from day one by IP Group.”
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Heather Macdonald Tait
+44 (0)7414 811 089
Stephen Benzikie +44 (0)20 3393 1185
For Mayfair Equity Partners
Charlie Harrison & Ed Brown
+44 (0)20 3047 4228 / +44 (0)20 3047 2268
Ultrahaptics is the world’s leading mid-air haptics technology company. The company has developed a unique and proprietary technology platform that enables users to receive tactile feedback without needing to wear or touch anything tangible. The technology uses ultrasound and patented algorithms to project sensations through the air and directly onto a user’s hands, enabling users to ‘feel’ virtual buttons, get tactile feedback for mid-air gestures, or interact with virtual objects. www.ultrahaptics.com
About Mayfair Equity Partners
Mayfair Equity Partners is a buyout and growth capital investor providing capital to dynamic businesses in the TMT and Consumer sectors. Its primary focus is on building strong partnerships with exceptional management teams. Mayfair is an investor in OVO Group, a high-growth tech-enabled energy challenger brand, YO!, a multi-brand multi-channel sushi platform with operations across the UK, Canada and the US, SuperAwesome, a global high-growth digital marketing business whose technology platform enables brands and agencies to deliver kid-safe digital advertising to under-thirteen audiences, and GCI, one of the UK’s leading converged ICT service providers. www.mayfairequity.com
Steve Cliffe, Ultrahaptics CEO and President
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