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Mystery mixed reality start up Magic Leap raises $502m more in funding

magic leap raises more cash to fund mixed reality ar headset

Mixed reality tech start up Magic Leap has raised $502 million more in Series D equity funding.

Founded in 2011, Magic Leap has raised more than $1.8 billion to date, but is yet to reveal publicly exactly what it’s working on.  Last year a collaboration with LucasFilm was announced.

The new investors include Temasek, EDBI – a Singapore-based global fund, Grupo Globo from Brazil and Janus Henderson Investors.

Existing investors include Alibaba Group, Fidelity Management and Research Company, Google LLC, J.P. Morgan Investment Management, and T. Rowe Price Associates, Inc.

“We’re excited to welcome Temasek and the other new investors in this round to the Magic Leap family. We also greatly appreciate the strong support and partnership from our existing shareholders,” said Rony Abovitz, Founder, President and CEO of Magic Leap in a statement.

Bloomberg reports that the latest financing round valued Magic Leap at about $6 billion. Magic Leap is holding out the prize of developing a headset using a type of light-field technology that would create a superior augmented reality experience, although details are sketchy.  The company is said to be planning to launch an initial version within the next six months, priced at between $1,500 and $2,000.

Magic Leap’s enigmatically vague mission is to “harmonize people and technology, amplifying the best parts of you, to create a better, more unified world”.

Image: YouTube

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Rachel Reed

Rachel Read

Rachel is Finance Director. She has a degree in engineering from Cambridge University and qualified as a Chartered Accountant at Deloittes in London. She worked in finance in industry for twenty years. She oversees our news and also manages our events.

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