Ultraleap

Ultraleap (formerly Ultrahaptics) was formed when it acquired hand-tracking solutions provider Leap Motion for USD 30 million in May 2019. Leap Motion, founded in 2010, had raised USD 94 million at the time of the announcement and was instrumental in the development of Ultraleap’s hardware solutions such as the Leap Motion Controller, Stereo IR 170, and software platform Hyperion (launched in May 2024 and replaced its Gemini predecessor). Despite the product launch, the company laid off half of its staff in June 2024, and was reportedly in the process seeking out a buyer for its hand-tracking business, which includes the Leap Motion technology it acquired in 2019.

In May 2023, the company launched its second generation of hand tracking cameras, the Leap Motion Controller 2, priced at USD 139. The Leap Motion Controller 2 improves camera resolution, widens the field of view, and reduces power consumption by 25% compared to its predecessor. The expanded platform support allows content creators to leverage hand-tracking capabilities while enabling VTuber presenters to embody avatars and enhance interaction with applications and games. Its software Hyperion is also compatible with the controller, allowing for robust hand tracking.

It is also used by OEMs and software developers to develop extended reality experiences. Ultraleap also offers haptic modules (3Di and Stereo IR 170) which assist in deploying touchless interfaces, retail kiosks, museums and theme parks, and automotive UI (in-cabin experience). Furthermore, the company announced Sensation Designer in January 2024, a software suite designed to give developers the ability to bring haptic experiences to XR applications.

Ultraleap generates revenue by selling commercial (embedding Ultraleap tracking hardware and/or software in a resale product) and enterprise licenses (applications for internal business use).

Key customers and partnerships

Its clients include PepsiCo, Lego, DS Automobiles, and Hosiden.

In June 2024, the company partnered with Prophesee (to utilize its event-based vision sensing technology) and TCL RayNeo (to leverage its expertise in AR hardware and software development), to develop low power tracking technology that can be used in AR glasses. Previously, in January 2024, the company announced that it was working with Goertek to bring to market a reference design for VR and MR headsets with pre-integrated hand tracking from Ultraleap.

Funding and financials

It raised Series D funding worth GBP 60 million (approx. USD 82 million) in November 2021 led by a combination of Tencent, British Patient Capital’s “Future Fund: Breakthrough” and CMB International. Existing shareholders Mayfair Equity Partners and IP Group plc also participated. The funding was earmarked to support the development of Gemini, expanding its compatibility with additional operating systems, and research and development.