September 15, 2022

HaptXGloves 400x275HaptX, which develops realistic haptic technology, has announced raising $23 million in strategic funding, led by AIS Global and Crescent Cove Advisors. The new funding brings HaptX’s total funding to more than $58 million.

The new capital will be used to fund commercialization of next-generation products that build on the success of HaptX’s HaptX Gloves DK2, which physically displace the user’s skin the way a real object would, unlike haptic gloves that are only limited to vibration and force feedback. The company said the gloves deliver unprecedented realism, with more than 130 points of tactile feedback per hand. Companies around the world use HaptX Gloves for applications in training and simulation, industrial design, and robotics.

The company also expanded its partnership with AIS Global, a portfolio company of New York-based KPS Capital Partners, as part of the transaction. Verizon Ventures, Mason Avenue Investments and Taylor Frigon Capital Partners also participated in the latest funding round.

“HaptX and AIS Global have built a deep, successful relationship dedicated to innovation at the cutting edge of the high-growth global haptics market," said Joe Baddeley, CEO of AIS Global. "AIS Global and KPS are thrilled to provide the resources, commitment, and expertise necessary to support aggressive scaling of HaptX's commercial footprint."

Crescent Cove Advisors, 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. 

"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."

For more details on how HaptX utilizes haptics with robotics applications, visit its website here.

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