November 23, 2021
HaptX, which develops realistic haptic gloves for virtual reality and robotics applications, has announced it secured a $4 million credit facility from Crescent Cove Advisors. The additional money brings the company’s recent Series A funding round to $28 million, with a total funding to $35 million.
The company’s flagship product is HaptX Gloves DK2, advanced haptic feedback gloves. The new funding will speed up expanded production of the globes, after the first production run sold out in less than six months. HaptX said the credit facility will also be used to accelerate the development and commercial introduction of new haptic products.
“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.”
Prior investors in HaptX include Verizon Ventures, Mason Avenue Investments, Taylor Frigon Capital Partners, and Upheaval Investments.
“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.”
For more details on HaptX and its technologies, visit its website here.