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Magic Leap Secures Additional $793.5 Million Investment
Magic Leap, a startup designing augmented reality devices (which almost no one has seen yet), has announced that its Series C fundraising has secured an additional $793.5 million of funding. The current investment brings the company’s total funding to well over $1.3 billion. Magic Leap had previously secured over $540 million from its Series B funding in 2014.
“Here at Magic Leap we are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences. This investment will accelerate bringing our new Mixed Reality Lightfield experience to everyone,” said Rony Abovitz, Founder, President, and CEO of Magic Leap, Inc. “We are excited to welcome Alibaba as a strategic partner to help introduce Magic Leap’s breakthrough products to the over 400 million people on Alibaba’s platforms.”
Magic Leap’s Series C funding round was led by the Alibaba Group, a large e-commerce company from China. Magic Leap reported that Google and Qualcomm added to their prior Series B investments, and several new backers, including Warner Bros., and several large financial institutions took part in the recent fundraising.
“We invest in forward-thinking, innovative companies like Magic Leap that are developing leading products and technologies,” said Joe Tsai, Executive Vice Chairman at Alibaba. “We believe Alibaba can both provide support to and learn from such a partner, and we look forward to working with the Magic Leap team.”
Magic Leap has been incredibly secretive about its technology. In its words, “Magic Leap is developing the next computing platform that will enable you to seamlessly combine and experience your digital and physical lives,” but the company has not yet shown anything publicly, except for two short video clips used to promote the concept.
Kevin Carbotte is a contributing writer for Tom's Hardware who primarily covers VR and AR hardware. He has been writing for us for more than four years.
