Published On: Tue, Feb 2nd, 2016

Mysterious Israeli Startup Magic Leap Wraps Up Its Mega-Funding Round Valued At $4.5 billion

Magic Leap says values the company at $4.5 billion.

 

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Magic Leap Inc. the company that promises to blow your mind, is an oddity in the tech industry, even by Silicon Valley’s heady standards, said nasdaq.com

On Tuesday, the startup confirmed another big step toward bringing its so-called mixed-reality device to consumers, announcing it raised $794 million in new funding led by Chinese Internet giant Alibaba Group Holding Ltd., which Magic Leap says values the company at $4.5 billion.

Dania Beach, Fla., based startup is supposed to end up in a headset that will beam computer-generated images into your eyes, so that you end up seeing the real world alongside a virtual one. CEO Rony Abovitz has described the effect as “part-Matrix, part-Harry Potter.” You can see a proof of concept video here:

 

 

Alphabet Inc.’s Google and Qualcomm Inc., which backed Magic Leap’s $542 million round in October 2014, reinvested. They were joined by J.P. Morgan Chase & Co., Fidelity Management and Research Co., Morgan Stanley, Wellington Management Co., funds advised by T. Rowe Price Associates Inc. and Time Warner Inc. unit Warner Bros.

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