A very popular yet secretive mixed reality startup Magic Leap announced that it has raised $502 million in a series D funding round led by Singapore sovereign wealth fund Temasek. Other popular investors like EDBI, Grupo Globo, Janus Henderson, Alibaba Group, Fidelity Management also participated in the funding round. A Delaware filing confirmed that Magic Leap has authorized about $1 billion in new funding to build a future filled with augmented reality glasses.
Magic Leap is an extremely secretive company. Not a lot is known about its projects and how it functions. However, it has raised a lot of money in order to do whatever it is doing. Till date, the company has raised around $1.9 billion from popular investors like Alibaba, Alphabet’s Google Ventures and Andreessen Horowitz. There are a few speculation regarding the company which point to the fact that the company might be launching a device called ‘Magic Leap One’ and will ship it to a handful of users in the next six months or so. Its price would possibly be around $2000. Magic Leap will compete directly with Microsoft’s Mixed Reality products and other VR ventures, such as Facebook’s Oculus Rift and the HTC Vive.
The recent funding would most likely set the company’s valuation to a whopping $6 billion.