VC Fund to Offer $25 Million to Leap Motion App Developers
One of the venture capital firms behind Leap Motion, a company that has developed a 3-D gesture-control technology, is offering entrepreneurs $25 million to create apps and other technology for the platform.
The new program, called the "Leap Fund," is backed by Highland Capital Partners, the VC firm that led Leap Motion's Series A investment round in early 2012. The goal is to help finance developers who create apps for Leap Motion. The device includes a sensor that essentially enables you to control your computer with a simple wave of your hand or lift of a finger.
Apps and other tools that will be available in Leap Motion's app store may eventually enable, say, a designer to draw or mold 3-D objects by moving their hands in front of the Leap Motion sensor. Leap Motion says its device can have applications across sectors like education, security and health care.
In addition to capital, projects the Leap Fund invests in will also receive mentorship and access to a "deep network of advisors," Highland Capital Partners says in an announcement. Leap Motion says it will begin shipping its controller device ($79.99), which connects to Windows and Mac computers via a USB, starting July 22.
In addition to Leap Motion, Highland Capital Partners has invested in startups including Aereo, LevelUp, Rent the Runway and VistaPrint.