British tech company Ultraleap plans to halve its workforce and sell its hand tracking division. The company informed staff of the job cuts due to shifting priorities at tech giants such as Meta and Snap, and evolving customer needs and behaviors. Its haptics division will become a new company owned by existing shareholders. The haptics division also plans to raise additional funding. Ultraleap was formed in 2019 when Ultrahaptics acquired Leap Motion and has raised significant funding in recent years from investors including Tencent, Mayfair Equity Partners, and IP Group.