Augmented reality company Magic Leap raises $350 million in new funding
- Dan Primack, author of Axios Pro Rata
Magic Leap booth during Collision 2019 in Toronto, Canada. Photo: Sam Barnes/Sportsfile via Getty Images
Magic Leap, a Florida-based maker of augmented reality devices, raised $350 million in new funding, according to a company memo first reported on by Business Insider.
Why it matters: It puts a whole new spin on the company's name. Magic Leap previously raised nearly $3 billion, repeatedly missed product launch targets and then, once it did launch to critical cackles, almost no one wanted to buy.
- Investors include ... well, we don't know. The company isn't saying, although CEO Rony Abovitz recently told employees that he was in investment talks with a health care company. Existing backers include Alibaba, Alphabet, Qualcomm Ventures, KKR, Fidelity, and Kleiner Perkins.
The bottom line: "It seems that the lavishly funded augmented reality company still plans to turn all of its focus to the enterprise, as previously announced — a move that puts it in more direct competition with the likes of Microsoft’s HoloLens," writes TechCrunch.