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Rony Abovitz’s secretive startup Magic Leap wants $827 million to make its incredible AR tech a reality

If this isn’t amazing, there will be a lot of egg on a lot big tech faces

Magic Leap

Rony Abovitz’s secretive startup is about to $827 million in investment to add to the $542 million it secured in 2014 from Google, Qualcomm and others,  according to documents filed in Delaware  and obtained by private market researcher VC Experts.

The South Florida Business Journal was the first to report that Magic Leap was involved in the deal which could value the company at $4.5 billion.

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Magic Leap has yet to show off any prototypes of its product to the public save to a select few reporters. The device is said to be a type of glasses that can project realistic virtual images in front of the wearer’s eyes and intelligently blend the objects with the real world.




The documents don’t indicate who may be investing in Magic Leap this time around, although reports in October suggested Chinese e-commerce company Alibaba was close to putting $200 million into the company. Magic Leap’s other investors, which include chipmaker Qualcomm and movie studio Legendary, paint the picture of a startup that wants to reshape both computing and entertainment in a way virtual reality may not be capable of. At the WSJD conference in October,  Magic Leap showed off direct capture footage shot through its device, showing a floating representation of the Solar System.

Read the full story at Wareable, by Sophie Charara




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