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EMERGING TECH
Magic Leap confirms $502 million Series D round for still-unreleased product
Florida-based augmented reality startup Magic Leap Inc. today announcement it has raised $502 million in a late-stage funding.
This confirms reports last month that said the Series E round of $500 million was in the bag, and the round means the company has now raised about $1.9 billion. The new round was led by Temasek with participation from Janus Henderson, Alibaba Group, EDBI, Grupo Globo and others.
The company has been less than clear regarding what it’s actually doing, only allowing the public to see a prototype and giving few clues about what’s to come. The demo looks nothing short of amazing, showing an AR experience similar to that of Microsoft Corp.’s HoloLens.
Rony Abovitz, founder and chief executive of Magic Leap, has described it a “virtual reality and an acid trip,” an almost hallucinogenic experience in which the real world and the augmented world are one. It may look like HoloLens, but the CEO has said it is “quite different.” According to Business Insider, “Magic Leap describes its technology as projecting digital light fields onto your retina, helping your eyes and brain see things that look like they’re part of the real world.”
It certainly looks impressive, but it may also be years before the product hits the market.
Image: Magic Leap via YouTube
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