Bristol University spinout Ultraleap is preparing to lay off half of its workforce, according to Sky News sources.
A global leader in haptic mid-air technologies based on Ultrasound, Ultraleap is a darling of the South West tech scene.
It has raised tens of millions of pounds from the likes of Chinese tech giant Tencent, private equity firm Mayfair Equity Partners and London-listed spinout investor IP Group.
Sky News claims that it is now exploring a sale of its hand-tracking division – likened to scenes from Tom Cruise blockbuster Minority Report – and has informed staff of the need to slash jobs amid shifting priorities at tech giants including Facebook owner Meta and Snap.
Its haptics arm – which uses ultrasound waves to control technology – would then move into a new company owned by Ultraleap’s existing shareholders and seek additional funding.
An Ultraleap spokesperson told Sky: “Since the company was established in 2019, Ultraleap has gained international recognition as the leading innovator in mid-air haptic and hand tracking technologies.
“During this period, customer needs and behaviours have continually evolved and we need to adapt our strategy to reflect these changes.
“After much consideration, we have made the difficult decision to reshape some of our divisions and reduce the size of our team.
“This decision has not been taken lightly, but it is necessary for us to adapt our business to better serve our market and our customers.
“We deeply appreciate the hard work and dedication of everyone who has contributed to building Ultraleap.”