BURLINGAME, CA /BUSINESS WIRE/ -- Novasentis, Inc., a leading developer of sensory feedback technology, announced it has raised a Series B funding round of $8 million with new investors Samsung Venture Investment Corp. (Samsung Ventures) and Chengwei Capital. The funding will be used to scale up production of its electro-mechanical polymer (EMP) haptic actuators and continue building a team to execute on the company's go-to-market strategy. The company raised a Series A funding round of $3 million, led by Chengwei, in March of 2008.
In addition, as part of a new branding and marketing program, Novasentis announced it has changed its name from Strategic Polymer Sciences Inc. The new branding campaign focuses on the company's technology innovation and vision to create a neo-sensory age in which previously lifeless devices come alive with collocated touch feedback, vibrations, sounds, movement, and real-time surface deformation. Novasentis plans to roll out the new branding through the end of the year.
"Novasentis is headed into an exciting phase of growth and innovation, and this new funding confirms the importance of our technology and will enable us to take it even further," said Christophe Ramstein, president and CEO of Novasentis. "Our vision is to enable device manufacturers to create products that take human-machine interaction to the next level by adding true vibrations, movements, and sounds. With its proprietary features, ultra-thin and light form factors, and commercial viability, our EMP actuator and sensor technology is the perfect way to usher in this new age, which will bring with it even thinner and smaller devices that expand our sensory experiences. The investment from Samsung Ventures will reinforce our leading position and help serve all our customers better."
"Our investment in Novasentis is consistent with our strategy to work closely with market leaders," says Michael Pachos, Senior Investment Manager at Samsung Ventures. "Novasentis is a technology leader and has built a significant business and IP portfolio in haptics. The company has demonstrated both a technical and business vision in driving the adoption of touch feedback capabilities, and we look forward to contributing to the progress of Novasentis as it opens up new and unique opportunities for both device manufacturers and consumers."
Novasentis Inc. (formerly Strategic Polymer Sciences Inc.) created the "world's thinnest and most flexible electro-mechanical polymer (EMP) haptic actuator and sensor technology today, used to develop mobile and wearable products that come alive with movement and sound. By bridging consumer electronics and sensory interaction, Novasentis enables 4D spatial tactile experiences and next-generation mobile product designs. Founded in 2006, Novasentis is privately held. The company is based in Burlingame, CA, and has offices in Pennsylvania, Korea, and Japan.
About Samsung Ventures
Samsung Venture Investment Corp. (Samsung Ventures) is the venture Capital arm of the Samsung Group, with offices in Seoul, Silicon Valley, Boston, London, and Tokyo.
About Chengwei Capital
Chengwei Capital is a venture capital firm investing in entrepreneurial companies in wide range of industries, such as manufacturing, consumer goods, education, the Internet, and oil and gas. Chengwei has offices in Shanghai, Hong Kong, and San Francisco.