November 23, 2021 – HaptX, a provider of realistic haptic gloves for virtual reality (VR) and robotics, has today announced that it has secured a USD $4 million credit facility from Crescent Cove Advisors. The investment brings HaptX’s Series A funding to USD $28, and the company’s total funding to USD $35 million overall.
HaptX builds technology that simulates realistic touch sensation. The company’s flagship product, the HaptX Gloves DK2, offer advanced haptic feedback and enable natural interactions in the fields of virtual reality and robotics.
HaptX stated that the new funding will accelerate expanded production of its HaptX Gloves DK2, after the first production run sold out in less than six months. The credit facility will also be used to accelerate the development and commercial introduction of new haptic products, according to the company.
“Our partnership with Crescent Cove enables HaptX to continue to expand our reach and pioneer the frontier of virtual reality and robotics,” said Jake Rubin, Founder and CEO of HaptX. “HaptX is thrilled to join Crescent Cove’s stellar portfolio of cutting-edge hardware and deep tech startups.”
“HaptX’s category-leading haptic technology enables a new level of immersive experiences in virtual reality,” said Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove. “HaptX technology will be a foundational component of the Metaverse, and we’re proud to become one of the company’s long-term capital partners.”
Prior investors in HaptX include Verizon Ventures, Mason Avenue Investments, Taylor Frigon Capital Partners, and Upheaval Investments. For more information on HaptX and its haptic solutions for VR, please visit the company’s website.
Image credit: HaptX / Crescent Cove Advisors
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.