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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

Felix Salmon, author of Capital
Aug 27, 2020 - Economy & Business

A tale of two direct listings

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.

“You blew it”: GOP activist turns on corporations over vaccine mandates

The chairman of the American Conservative Union said on "Axios on HBO" he accepts "Joe Biden is my president, and I want him to succeed," but predicted Republicans retake the House and Senate in 2022 — with greater than 50% odds Donald Trump runs in 2024.

The big picture: In a joint interview with his wife, Mercedes, Matt Schlapp also refused to share their vaccination status. And he told corporate America "you blew it" by embracing vaccine mandates and liberal social stances that have alienated GOP voters and politicians.

51 mins ago - Politics & Policy

Pelosi expects “billionaire’s tax” to pay for Biden social spending

Photo: Yasin Ozturk/Anadolu Agency via Getty Images

House Speaker Nancy Pelosi (D-Calif.) said Sunday she expects the chamber to pass the bipartisan infrastructure plan by week’s end, and alternatives to corporate tax hikes and a “billionaires tax” will be used to finance President Biden’s promised expansion to the social safety net.

Why it matters: Pelosi’s comments come as House and Senate leaders try to wrap up a deal. What will get cut — and how the remainder will be paid — are linchpins to a final agreement.