Leap Motion sold to UltraHaptics

The company sought to completely change how we interact with computers, but now Leap Motion is selling itself off.

Apple reportedly tried to get their hands on the hand-tracking tech, which Leap Motion rebuffed, but now the hyped nine-year-old consumer startup is being absorbed into the younger, enterprise-focused UltraHaptics. The Wall Street Journal first reported the deal this morning; we’ve heard the same from a source familiar with the deal.

The report further detailed that the purchase price was a paltry $30 million, nearly one-tenth the company’s most recent valuation. CEO Michael Buckwald will also not be staying on with the company post-acquisition, we’ve learned.

Leap Motion raised nearly $94 million off of their mind-bending demos of their hand-tracking technology, but they were ultimately unable to ever zero in on a customer base that could sustain them. Even as the company pivoted into the niche VR industry, the startup remained a solution in search of a problem.

In 2011, when we first covered the startup, then called OcuSpec, it had raised $1.3 million in seed funding from Andreessen Horowitz and Founders Fund. At the time, Buckwald told us that he was building motion-sensing tech that was “radically more powerful and affordable than anything currently available,” though he kept many details under wraps.

Source: Once poised to kill the mouse and keyboard, Leap Motion plays its final hand – TechCrunch