Google-backed augmented reality firm Magic Leap Inc. has received a big infusion of funding to help continue their efforts to get a product to market. Alibaba Holding Group Ltd. is providing $793.5 million in funding as they valued Magic Leap at $4.5 billion. As part of the funding deal, Alibaba’s co-vice chair Joe Tsai will join Magic Leap’s board.
Magic Leap is working on a headset that will create simulated 3D images that are superimposed on the real world. Most efforts at augmented reality, like Microsoft’s Hololens, include a screen to display the virtual pieces. Magic Leap is working on proprietary technology that they say will transmit light to the eye directly so that users’ perceptions of virtual objects will be closer to how they perceive the real world.
Magic Leap CEO Rony Abovitz says the company is working at a “frantic pace” to get the hardware and software working. To support the effort, in addition to funding, Magic Leap has been making moves like bringing HTC’s Jeff Gattis on board to help with development. Magic Leap already has 500 employees working for it. Abovitz says the company plans to release their first product as an actual product, not a developer preview or beta version.
Alibaba’s new round of funding will be added to previous funding received from Google and Qualcomm Ventures. Abovitz indicated other new investors in Magic Leap, joining Alibaba, include Warner Bros., Fidelity Management and Research Co., JPMorgan Chase & Co., and Morgan Stanley Investment Management. With this latest round, Magic Leap has now raised close to $1.4 billion to fund their startup activities.
source: Bloomberg
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