May 22, 2020 - Economy

Augmented reality company Magic Leap raises $350 million in new funding

Dan Primack

Magic Leap Booth during day three of Collision 2019 at Enercare Center in Toronto, Canada. (Photo By Sam Barnes/Sportsfile via Getty Images) — 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.

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Augmented reality company Magic Leap raises $350 million in new funding

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