bHaptics, an XR haptic solutions company, Raises $7.5 million (KRW 1 billion) in Series C Funding

bHaptics(비햅틱스), an XR tactile solutions company, has secured $7.5 million (KRW 10 billion) in Series C funding. New investors in the round include KBInvestment, Korea Development Bank (KDB) and Hana Ventures.

Founded in 2015, bHaptics develops devices and software that provide tactile sensations to users of XR content. TactSuit X40 and TactGlove, developed by bHaptics, deliver optimal tactile patterns according to the XR content to provide high immersion. The company recently participated in CES 2024, the world’s largest technology show, and received a lot of attention from the public.

Previously, bHaptics raised Series B funding from Aju IB Investment, Mirae Asset Securities and Intervalue Partners in January 2022. The company has been able to attract additional investment even during the startup funding cold spell, reaching a cumulative investment of $15 million (KRW 20 billion) this year. Notably, the Tech Credit Bureau (TCB), which was conducted during the investment process, gave bHaptics the highest rating of TI-1, indicating that the company’s technology and business performance were highly valued.

With Meta’s continued investment in the XR market, Apple’s launch of Vision Pro and Samsung’s co-development of an XR headset, the XR market is heating up. In a report last September, global market research firm Research and Markets predicted that the XR market will reach $936.6 billion by 2030, growing at a compound annual growth rate of 41.6% from 2023.

“The more popular the XR industry becomes, the more important tactile sensations will become in making the unreal real,” said a bHaptics official. “We are leading the democratisation of tactile sensations in the XR industry, which is why we have been able to attract additional investment. With this funding, we will continue to grow as a major player in the tactile segment of the growing XR industry.