Magic Leap Just Announced $793.5 million in New Funding

The hype is huge, there is no doubt. However, for outsiders it’s been unclear exactly what the Florida-based company Magic Leap is working on. All we know is that it is something big, that they are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences.

Augmented reality startup Magic Leap stirred a lot of commotion back in october 2014 when they revealed that they raised a stunning $524 million in their series B investment. They have now released even more impressive numbers in the report for their series C investment. Magic Leap just announced $793.5 million in new funding. This information is available on their website since yesterday. The company is currently valued at over $4.5 billion, making them one of the most valuable startup companies in the world.

Magic Leap kids

Google Ventures and venture capital giant Andreessen Horowitz are among the investors who previously invested about $500 million in the company.  Magic Leap had towards the end of last year about 400 employees. According to TechCrunch, the series C investment round was led by chinese e-commerce giant Alibaba. Alibaba has not backed the company before, but is now on the hunt for big investing opportunities. The company’s existing investors Google and Qualcomm Ventures are also onboard the train.

Last year, MIT Technology’s Katherine Bourzac wrote the following in an article titled website “Whether Magic Leap can create [a revolutionary AR headset] will depend on whether it can scale up a new chip-making process for silicon photonics. Something that’s a big undertaking even for semiconductor giants. The startup’s $592 million [Series B investment] is rich for an early-stage company, but it may need a lot more than that to make the leap to consumer products”.

magic_leap concept

During EmTech Digital’s conference in San Francisco last year, CEO and founder Rony Abovitz said Magic Leap is making a light-field chip that relies on silicon photonics. Interviewed by MIT Technology Review editor in chief Jason Pontin, Abovitz said that the company has developed novel fabrication techniques and is using them on a pilot manufacturing line in Florida. It was also said that the company is now “out of the R&D phase and in the transition to product introduction.”

Every piece of information released points towards the company developing an augmented reality headset. It will feature a proprietary light field display capable of mixing augmented elements into the real world in a more natural way than other display technologies can. However, the company has revealed almost no specifics about their technology. And when will this product of theirs be available? Stay tuned. We will be following Magic Leap closer than ever.

 

Sources: http://www.roadtovr.com/, http://www.magicleap.com/, https://www.technologyreview.com/, http://events.technologyreview.com/

Leave a Reply

Your email address will not be published. Required fields are marked *