Illustration courtesy of Magic Leap

Magic Leap, the secretive "mixed reality" company, is seeking to raise more than $500 million in new funding at around a $6 billion valuation, as Bloomberg earlier reported and Axios has confirmed with a source. Among the expected participants is Singapore-based sovereign wealth fund Temasek.

Florida-based Magic Leap has already raised more than $1.3 billion in funding from investors like Alibaba, Qualcomm, and Google. It was last valued at $4.5 billion. The company is reportedly developing devices for so-called "mixed reality," a combination of virtual and augmented reality, although it has yet to publicly unveil any products.

A company spokesperson has not returned a request for comment.

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28 mins ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.