Ultraleap, the Bristol-founded company known for its ultrasound-based hand-tracking and haptics technology, has entered administration. The firm, which was spun out of the University of Bristol, had raised tens of millions of pounds in funding and secured partnerships with global electronics companies including Bosch and Harman.
From Ultrahaptics to Ultraleap
The business was founded in 2013 by Tom Carter under the name Ultrahaptics. Its technology allowed users to interact with virtual environments using only their bare hands, drawing comparisons to scenes from the 2002 Tom Cruise film Minority Report. Investors included Mayfair Equity Partners and Australian pension fund Hotplus.
In 2019, the company acquired US firm Leap Motion in a deal reported to be worth around $30m, rebranding as Ultraleap. Carter became chief executive in 2021.
Job cuts and merger with Roli
By 2024, Ultraleap confirmed it was cutting jobs as technology giants such as Meta, Facebook's parent company, shifted their priorities. At the time, the company said: "Customer needs and behaviours have continually evolved and we need to adapt our strategy to reflect these changes." It added that the decision was "necessary for us to adapt our business to better serve our market and our customers."
The strategy reportedly involved seeking a buyer for its hand-tracking operation, while its haptics arm would be spun off to pursue fresh capital. In November last year, Carter announced on LinkedIn that the firm would join forces with London-based Roli, an AI-powered music learning platform founded by Roland Lamb. Carter became chief technology officer at Roli, bringing his remaining staff with him, and took up a directorship at Luminary Roli.
Administration and next steps
A notice on the Gazette, the UK's official public records portal, confirms Ultraleap Limited has entered administration. Companies House lists Roland Lamb and Andrew Tomkins as directors. Damian Webb and Joe Barry of RSM UK Restructuring Advisory were appointed administrators on October 19, with RSM confirming their appointment to manage Luminary Roli's administration the following day.
While Ultraleap operated as a separate legal entity, Luminary Roli held complete ownership through a 100 per cent shareholding. The administrators said: "Prior to the appointment, the company explored a number of funding and restructuring options. Unfortunately, a solvent solution could not be concluded within the available timeframe." They added that their immediate focus is on preserving assets and exploring opportunities to maximise realisations for creditors.
RSM told Business Live that talks remain "ongoing" with prospective parties over certain assets and intellectual property. A small number of employees have been retained short-term to assist with the preservation and transfer of key assets, and the administrators are supporting affected employees with relevant statutory claims.
