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Leap Motion raises $50M to advance its VR/AR hand tracking technology
Hoping to jumpstart commercial and enterprise use of its hand tracking technology, high-profile startup Leap Motion Inc. has raised $50 million in a later-stage round.
Founded in 2010, Leap Motion is developing hand tracking for use in virtual and augmented reality worlds, allowing users to interact with those worlds using hand movements. The company’s technology allows computers to capture hand and finger movements in real time without the need for traditional handheld controllers, delivering a user experience that Leap Motion claims “removes the barriers between people and technology.”
“Natural input through full hand tracking is inseparable and fundamental to the future of VR/AR, and Leap Motion is a principal driver of its widespread adoption,” Leap Motion Chief Executive Officer Michael Buckwald said in a statement. “In much the same way as the touchscreen sparked the mobile revolution, Leap Motion is playing a transformative role in the development of human interface technology for VR/AR. As a result, the industry as a whole is on the verge of a similar moment of exponential growth.”
The company’s technology is being offered in two forms, one of which is currently available: a VR developer kit that can be attached to any Windows-powered VR headset. The second implementation of the technology will see it built into new VR headsets as they hit the market, though so far Leap has no major relationships with large VR companies. It does, however, have an alliance with Qualcomm Technologies Inc. The technology is included on a VR headset reference design for original equipment manufacturers.
The Series C round led by clients advised by J.P. Morgan Asset Management. As part of the deal, Lawrence Unrein, global head of J.P. Morgan Asset Management’s Private Equity Group has joined the company’s board of directors.
Including the new funding, Leap Motion has raised $94.05 million to date. Previous investors include Andreessen Horowitz, Founders Fund, Highland Capital Partners, PROfounders Capital and a number of individual investors.
The company said it would use the new funding to drive global expansion, advance research and development, and broaden its reach into new commercial and enterprise applications, including education, healthcare, and industrial training simulation.
Photo: qubodup/Flickr
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