It's been a while since we've last heard something about Magic Leap but the company just announced it landed a whopping $793.5 million in new venture capital funding. This is on top of Google's original $500 million that investment in 2014. The new funding round is led by Chinese Internet firm Alibaba, Google increased its stake and Qualcomm as well as a number of investment firms provided the rest of the capital.
Magic Leap, Inc. ("Magic Leap") announced $793.5 million in new funding today, led by Alibaba Group. Continued investment comes from Google Inc., Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, and others. New investment also comes from Warner Bros. and tier-one financial institutions, including Fidelity Management and Research Company, J.P. Morgan Investment Management, Morgan Stanley Investment Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Wellington Management Company.
“Here at Magic Leap we are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences. This investment will accelerate bringing our new Mixed Reality Lightfield™ experience to everyone,” said Rony Abovitz, Founder, President, and CEO of Magic Leap, Inc. “We are excited to welcome Alibaba as a strategic partner to help introduce Magic Leap’s breakthrough products to the over 400 million people on Alibaba’s platforms.”
“We invest in forward-thinking, innovative companies like Magic Leap that are developing leading products and technologies,” said Joe Tsai, Executive Vice Chairman at Alibaba. “We believe Alibaba can both provide support to and learn from such a partner, and we look forward to working with the Magic Leap team.”
Alibaba, Warner Bros., Fidelity Management and Research Company, J.P. Morgan Investment Management, Morgan Stanley Investment Management, funds and accounts advised by T. Rowe Price Associates, Inc., Wellington Management Company, and others join Magic Leap’s existing investors: Google Inc., Qualcomm Ventures, Legendary Entertainment, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Obvious Ventures, and others.
Allen & Company LLC served as financial advisors to Magic Leap in connection with the transaction.
Unlike VR headsets like the Oculus Rift, the Magic Leap project focuses on augmented reality. You can watch a video demonstration below: