Mixed reality slash augmented reality startup Magic Leap announced that it raised a $502 million Series D round led by Temasek with participation from EDBI, Grupo Globo, Janus Henderson, Alibaba Group, Fidelity Management and others. Just last week, a Delaware filing confirmed that Magic Leap authorized up to $1 billion in new shares.
“We’re excited to welcome Temasek and the other new investors in this round to the Magic Leap family,” Magic Leap founder and president Rony Abovitz said in a release. “We also greatly appreciate the strong support and partnership from our existing shareholders.”
Magic Leap hasn't defined what its intentions are yet, however with this incredible fundraising it is sure to make a profound mark on whatever it chooses to do. The company may be launching a device called “Magic Leap One.” And last month, Bloomberg suggested Magic Leap may be gearing up to ship that device to a “small group of users” in the next six months or so. Watch this space and keep an eye on this intiquing company.
Magic Leap is a U.S. startup company that is working on a head-mounted virtual retinal display which superimposes 3D computer-generated imagery over real-world objects, by projecting a digital light field into the user's eye, involving technologies potentially suited to applications in augmented reality and computer vision. It is attempting to construct a light-field chip using silicon photonics.
Magic Leap was founded by Rony Abovitz in 2010 and has raised $1.4 billion from a list of investors including Google and China's Alibaba Group.In December 2016 Forbes estimated that Magic Leap was worth $4.5 billion. As of October 2017, the company has not released a product to the market.