The elusive Dania Beach, Florida start-up has announced that it has over three quarters of a billion in venture financing.
Magic Leap, an augmented reality start-up that is known for being exceptionally secretive about virtually everything in which it is involved, has announced that its latest venture financing round has brought in a tremendous $792 million.
This would give the company a valuation of an estimated $3.7 billion, not including the new funding.
This most recent round of investment into the augmented reality company comes at a time in which the heat is on to create the next breakout consumer platform. Many of the most powerful tech giants on the planet currently feel that virtual reality will be the technology of choice in that effort. Among them are Facebook, Microsoft and Apple, among others. In 2014, Facebook purchased Oculus – a VR tech company – for $2 billion, and their first shipment of headsets are expected in a matter of weeks. Hololens, from Microsoft, has been making headlines, particularly when they were sent to the International Space Station for testing. Most recently, reports indicated that Apple has hired a secret team of VR experts for its own purposes.
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That said, Magic Leap has managed to use augmented reality to draw some very powerful investors of its own.
Among the big name investors who have seen potential in what Magic Leap secretly has to offer have been Warner Brothers, Google and Fidelity Investments, among others. The company has managed to achieve this strength of funding and support despite the fact that it has been nearly entirely shut off from providing the public with any idea of what its products may one day be. Only once in a while will the founders of the company actually provide the media with an interview.
According to one of the founders, Rony Abovitz, who is also the Magic Leap chief exec, “Here at Magic Leap, we are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences.” He went on to add that “This investment will accelerate bringing our new Mixed Reality Lightfield experience to everyone.” Most recently, investors to add their backing to the start-up have included Alibaba, Morgan Stanley Investment Management, J.P. Morgan Investment Management and T. Rowe Price Associates. This brings the total funding into the augmented reality company to over $1 billion, so far.