As per News’s acquisition, Ultraleap, a spin-off from Bristol University, informed its staff on Wednesday that it was contemplating layoffs because of shifting priorities at internet behemoths like Facebook’s parent firm Meta and Snap.
According to the sources, the plan was for the business to sell its hand-tracking segment and spin out its ‘haptics’ arm—which uses ultrasound waves to operate equipment—into a separate business that would be owned by Ultraleap’s current investors.
The sources said the haptics company would subsequently look to raise more outside money.
There have been many comparisons between Ultraleap’s technology and that of the Tom Cruise film Minority Report. The firm has raised tens of millions of pounds through multiple fundraising rounds.
Known as a world leader in its industry, investors include the private equity firm Mayfair Equity Partners, the Chinese internet behemoth Tencent, and IP Group, a London-listed company that supports university spinouts.
“Since the company was founded in 2019, Ultraleap has gained international recognition as the leading innovator in mid-air haptic and hand tracking technologies,” an Ultraleap spokeswoman stated.
