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.

Go deeper

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Aug 27, 2020 - Economy & Business

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Illustration: Lazaro Gamio/Axios

This was a big week for you, if you're a Facebook billionaire looking to take your money-losing post-Facebook company public by doing a direct listing of shares on the New York Stock Exchange.

Details: Asana was founded by Facebook co-founder Dustin Moskovitz in 2008; Palantir was founded by Facebook investor and board member Peter Thiel in 2003. Both companies released their full financials this week.

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U.S.-brokered ceasefire collapses in Nagorno-Karabakh

Volunteer fighters in Stepanakert, the capital of Nagorno-Karabakh. Photo: Aris Messinis/AFP via Getty Images

A U.S.-brokered ceasefire between Armenia and Azerbaijan in the disputed territory of Nagorno-Karabakh crumbled within hours on Monday, leaving the month-old war rumbling on.

Why it matters: Nearly 5,000 people have been killed, according to Vladimir Putin’s rough estimate, including more than 100 civilians. Between 70,000 and 100,000 more are believed to have fled the fighting.