Magic Leap Raises $793.5 Million In 3rd Round of Funding
Magic Leap has been well to do in keeping a lot of things under wraps – the expanding and virtual reality technology company is still to announce its product – but its open secret is its fundraising. However, today one part of it is finally being confirmed : the start up has publicized that it has raised $ 793.5 million in a series C round of funding, at a valuation that a spokesperson tells us, was $3.7 billion pre-money and $ 4.5 billion post-money. That’s right: a $ 4.5 billion valuation, with a commercial product yet to release.
The Big Investment Scoop
This latest investment was guided by China’s e-commerce powerhouse Alibaba, with involvement also from prevailing investors Google Qualcomm Ventures. In this round other new investors are a who’s-who of finance with a little dose of refreshment: which include Warner Bros, Fidelity, JP Morgan, Morgan Stanley, T Rowe Price and Wellington Management Co.
The World Of Magic Leap
Magic Leap is designing a new world where physical and digital realities smoothly merges to enable exciting new experiences. This investment will accelerate bringing our new Mixed Reality Light field experience to everyone,” said Rony Abovitz , Founder, President and CEO of Magic Leap , Inc in a statement. Magic Leap has being working on its technology from years. The work is not about working on the writing codes, but its all about processing power especially creating new environments to create, develop and test the outcome. The company’s other investors include Legendary Entertainment, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz and Obvious Ventures.