HaptX Announces $4m Investment from Crescent Cove Advisors to Accelerate Expansion

REDMOND, Wash., Nov. 23, 2021 /PRNewswire/ -- HaptX, the leading provider of realistic haptic gloves for VR and robotics, today announced that it has secured a $4m credit facility from Crescent Cove Advisors. The $4m investment brings HaptX's Series A funding to $28m, and the company's total funding to $35m.

HaptX's flagship product is HaptX Gloves DK2, the world's most advanced haptic feedback gloves. The new funding will accelerate expanded production of 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.

"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.

About HaptX
HaptX builds technology that simulates touch sensation with unprecedented realism. HaptX Gloves enable natural interaction and true-contact haptics in virtual reality and robotics for the first time. A venture-backed startup, HaptX is headquartered in Redmond, WA, with offices in San Luis Obispo and San Francisco, CA.

About Crescent Cove
Crescent Cove is a multi-asset investment firm focused on technology investments and dedicated to supporting entrepreneurs and founders.  Established in 2016, Crescent Cove leverages its global network of relationships and unique insight across markets, emerging industries and technologies to build businesses and accelerate value creation across its portfolios. For more information, visit www.crescentcove.com.

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SOURCE HaptX Inc