A company building a ‘hi-tech’ glove has just grabbed some new money! The leading provider of realistic haptic technology, HaptX Inc., announced today that it has raised an additional $12 million and made a compelling deal with AIS to increase its production and marketing.
HaptX Gloves allow professional Virtual Reality (VR) users to develop simulations with realistic touch feedback and natural interaction. Since its foundation in 2012 by Jake Rubin and Dr. Bob Crockett, HaptX has been veering toward this juncture with the ambition of being a full-body motion platform. The gloves are going to be its first commercial product. CEO Rubin said, “We’re laser-focused on enterprise now.”
There are various fields of application for enterprise customers, in which they can use HaptX Gloves, such as VR design, training, and robotics. Earlier this year, HaptX declared collaboration with Nissan that introduced touch to the automaker’s virtual vehicle prototypes. HaptX Gloves was unified by the fundamental surgery into their VR medical training platform. HaptX disclosed a unique haptic telerobot developed with All Nippon Airways, Tangible Research, and Shadow Robot Company. Jeff Bezos described the system as “really impressive” in a widely publicized demo, and pointed out that “the tactile feedback is tremendous.” HaptX exhibited the system at SXSW in March 2019 and demonstrated the precision and realistic tactile sensations HaptX gloves deliver.
Rubin said that over the past year, HaptX has completed dozens of pilot projects with global companies, including 11 customers from the Global Fortune 500 and government agencies. Adding to it he said, “Over 50 companies are developing on the HaptX SDK. The US Army-funded the integration of HaptX Gloves into their TC3Sim combat medic training module. These strong success stories and our high market demand validated the market for HaptX Gloves and our partnership with AIS positions us well to meet this demand.”
What is AIS?
Over 800 employees work for AIS and it has offices in five countries located across North America, Asia, and Europe. They provide solutions for the human-machine interface (HMI) and work with many Fortune 500 companies. Being an engineering and manufacturing company that typically doesn’t create products under its name, AIS is not as famous as it should be outside the industry, although over the past 40 years, it has designed and manufactured millions of units across thousands of individual products.
“The partnership is a huge value add to HaptX and positions us to produce HaptX Gloves at scale”, said Rubin. “It’s a comprehensive partnership with significant positive financial implications for HaptX, comparable to our Series A round. The partnership includes development, manufacturing, and go-to-market collaboration.”
In December of 2016, HaptX announced the round was $5.8 million. A leading internet technology company in China, NetEase (NASDAQ: NTES) led the round along with Dawn Patrol Ventures. The company raised $1.2 million in the pre-seed round prior to the total seed-stage funding, which rounded off the sum to $7 million in 2016. HaptX’s latest $12 million Series A funding that took place this year, tallied the company’s to$19 million.
Funds will primarily be invested in the manufacture and sale of the next generation of HaptX Gloves. The company also plans to invest further in research and development that will result in new features, enhanced haptic fidelity, and new applications to future HaptX products.
Hi, I’m Shubham. If you find my news coverage informative, please don’t hesitate to drop a good word in my inbox. Being a journalist, I like to cover major reportings across the globe and present the news in a crisp and factual manner. Feel free to contact me at [email protected]