Ultrahaptics Announces £10.1 Million Series A Funding Round led by Woodford Investment Management

Ultrasonic mid-air haptic start-up aims to revolutionise how we interact with computers, automobiles and consumer goods

Nov 02, 2015, 07:26 ET from Ultrahaptics Limited

BRISTOL, England, November 2, 2015 /PRNewswire/ --

Ultrahaptics, the leading developer and licensor of mid-air haptic technologies, today announced a Series A funding round of £10.1 million led by Woodford Investment Management alongside existing shareholder IP Group plc (LSE:IPO).  

"The company is engaged with Tier 1 manufacturers in multiple markets and the investment from Woodford Investment Management will allow us to fulfil this demand and address additional markets and customers," said Steve Cliffe, CEO. "Our technology completes gesture control by re-introducing the sense of touch."

This Series A funding from Woodford Investment Management, IP Group, employees and other investors brings Ultrahaptics' total funding to date to £11.3 million.

Mark Reilly of IP Group commented: "We have been involved with Ultrahaptics from the very beginning and have been delighted with both the technical and commercial progress achieved to date. We are extremely excited to participate in this Series A funding and the company's continued development."

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About Woodford Investment Management 

Woodford Investment Management LLP is a fast-growing asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has more than £12.5bn assets under management. Further information can be found at https://woodfordfunds.com

About IP Group 

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital, networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in over 90 early-stage to mature businesses across four main sectors -- Biotech, Cleantech, Healthcare and Technology. The Company is listed on the Main Market of the London Stock Exchange under the code IPO.

For more information, please visit our website at http://www.ipgroupplc.com.

About Ultrahaptics 

Ultrahaptics is the world's leading mid-air haptics company. The company has developed a unique technology that enables users to receive tactile feedback without needing to wear or touch anything. The technology uses ultrasound to project sensations through the air and directly onto the user. Users can 'feel' touch-less buttons get feedback for mid-air gestures or interact with virtual objects.

For more information, please visit our website at http://www.ultrahaptics.com

Media Enquiries:
Heather Macdonald Tait
Ultrahaptics Limited

SOURCE Ultrahaptics Limited