Mixed-reality startup Magic Leap secures $502M in funding


Robotics company Magic Leap announced it has raised $502 million in Series D financing led by Temasek Holdings. The round includes two other new investors, Grupo Globo of Brazil and Janus Henderson Investors, and existing investors Alibaba Group, Google, EDBI, Fidelity Management, JP Morgan and T. Rowe Price.

Magic Leap had already raised $1.4 billion, which brought a valuation of $4.5 billion at the time. "We also greatly appreciate the strong support and partnership from our existing shareholders", said Rony Abovitz, Founder, President and CEO of Magic Leap.

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Augmented reality involves superimposing virtual images over the real world, as opposed to virtual reality, which is entirely artificial.

The company has kept a tight rein on whatever product it plans to launch, although there has been much speculation in technology blogs that it's a product similar to Microsoft HoloLens headset. The company's mission is to harmonise human interaction with technology. The latest investment comes in the form of intuitive tech firm, Magic Leap. All this is supposedly enabled by a "light field chip" that's based on a cutting-edge area of research called silicon photonics. Well, famously secretive about the product they are developing, insiders say that Magic Leap is creating a wearable computing devise that will set about creating new and highly intuitive ways to interact with computers.