Ultraleap Raises 70 Million In Series D Funding

Ultraleap Raises 70 Million In Series D Funding

Published: 29-11-2021
Updated: 30-01-2023

The latest in Series D funding will help the company propel its quest to developing futuristic computing platforms.

What did Ultraleap announce?

Ultraleap is at the forefront of developing interface technologies throughout the globe. The company announced that it has successfully completed the latest in Series D funding, generating $70 million in investment. Ultraleap said that the funding will prove to be instrumental in helping it accelerate its quest to commercialize cutting-edge technologies for both current and next-gen computing platforms.

The latest Series D round was funded by a variety of new investors. That mainly include Tencent, CMB International, and British Patient Capital. Moreover, the fundraising was also joined by renowned international businesses and current shareholders. Including IP Group plc and Mayfair Equity Partners.

VR Expert - Ultraleap Hand tracking

Talking about the successful fundraiser, CEO of Ultraleap, Tom Carter, said that the idea of merging the digital and physical world to form a metaverse has always been Ultraleap’s goal. And because of the worldwide Covid-19 outbreak, more and more people are beginning to realize the importance of combining digital elements with physical realities.

Ultraleap is ushering technology into a new era, an era where the metaverse won’t just be limited to VR headsets. Like how we use the internet, the metaverse is a reality that people all around the world will be able to interact with. Integrating it with different aspects of their lives – whether it’s in offices, homes, cars, or in public. Ultraleap plans to utilize the funds to maximize this marvelous technological transition. Allowing people to use it in the palm of their hands.

Developing Hand Tracking Tech for XR

The company recently announced that it’s launching its 5th generation hand tracking tech, called Gemini. Ultraleap will make the hand tracking software available throughout different third-party devices, camera technologies, and other platforms. Varjo has already integrated Gemini into its VR and XR headsets such as the Varjo VR-3 and Varjo XR-3.

VR Expert - Ultraleap Tracking

Ultraleap has been working on making its world leading software available for XR technologies for the past couple of years. However, it’s yet to develop the proper traction needed to adequately deliver the technology. While the company’s hand tracking software is found in different XR and VR headsets – such as those designed by Pico Interactive, Varjo and Pimax – renowned companies and products such as Magic Leap, HoloLens, and Quest 2 are utilizing their own sources.

However, with the increasing amount of different XR devices available on the market and a consistent leap toward designing AR glasses for consumers, Ultraleap is more than confident that it will eventually find the right fit.

Ultraleaps investment strategy

With a successful Series D round, Ultraleap will maximize its efforts to launch Gemini into a myriad of operating systems. They’re also planning to optimize their funding. Investing in acquiring the right tooling to allow their developers to create state-of-the-art interfaces that consumers can use in their hands. Moreover, the company will also continue to fund their research. And also the development to propel their hand tracking tech based on machine learning across the globe. 

Read also: The key differences between the Varjo Aero and VR-3.