A prominent British technology company, known for its use of ultrasound to replicate the sense of touch, has announced plans to downsize its workforce and divest one of its main divisions. According to insider sources, Ultraleap, a spin-off of Bristol University, informed its employees on Wednesday of its intention to reduce staff numbers due to shifting priorities among major tech companies such as Meta, the parent company of Facebook, and Snap.
Sources familiar with the company’s plans have revealed that Ultraleap intends to sell its hand-tracking business, while spinning off its ‘haptics’ arm, which utilizes ultrasound waves for controlling technology, into a separate entity owned by its current shareholders. The haptics business will then seek additional external funding.
Ultraleap, often likened to the technology featured in the film Minority Report starring Tom Cruise, has raised significant funds through multiple financing rounds, solidifying its status as a global leader in its field. Its impressive list of investors includes the Chinese tech giant Tencent, private equity firm Mayfair Equity Partners, and IP Group, a London-based supporter of university startup ventures.
In a statement, a spokesperson for Ultraleap stated, “Since its establishment in 2019, Ultraleap has gained international acclaim as a pioneer in mid-air haptic and hand tracking technologies. However, as customer needs and behaviors continue to evolve, we must adapt our strategy to align with these changes. After careful consideration, we have made the difficult decision to restructure certain divisions and reduce our workforce. While not an easy choice, it is necessary for us to reshape our business in order to better serve our market and customers. We are grateful for the hard work and dedication of our team in building Ultraleap.”