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AT&T invests in augmented reality company Magic Leap

Rony Abovitz, founder and CEO of Magic Leap, attends the Allen & Company Sun Valley Conference on July 10, 2015 in Sun Valley, Idaho. Photo: Scott Olson/Getty Images

AT&T has invested an undisclosed amount into Magic Leap, a secretive Florida-based augmented reality company, the two said on Wednesday.

  • The carrier will also be the "exclusive wireless distributor" for Magic Leap's products to U.S. consumers. Magic Leap has yet to debut its product, though it's still said to be scheduled for a 2018 release.

Why it matters: While virtual and augmented reality technology has yet to catch widespread consumer adoption, many are still betting that it will as companies continue to improve their tech.

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