Published On: Wed, Oct 18th, 2017

Magic Leap gets another $502 million in funding for its Unknown product

Magic Leap has two development centers in Israel. The company's value (before the last round of financing) is estimated at $6 billion.



Magic Leap said on Tuesday it has received an additional $502 million in funding.

New investors in Magic Leap include Temasek, EDBI – a Singapore-based global fund, Grupo Globo from Brazil, and Janus Henderson Investors.

The company, founded in 2010 by Rony Abovitz, an Orthodox Jewish, has been operating in complete secrecy, with the goal of creating a new kind of virtual reality experience, though little is known about the project or how it works. The company has never presented a full public demonstration of its technology.

Magic Leap has already raised more than $1 billion in venture capital financing with a particularly high profile, which also added to her reputation.
Existing investors participating in this financing include Alibaba Group, Fidelity Management and Research Company, Google LLC, J.P. Morgan Investment Management, and T. Rowe Price, Inc. and the Andriesen-Horowitz Foundation.

In October 2017, Magic Leap announced the partnership with online comic book publisher Madefire.

Magic Leap is active also in Israel with two development centers in Haifa and in Tel Aviv, in the new Azrieli-Sharona Towers, the highest office building in Israel. The company’s value (before the last round of financing) is estimated at $6 billion.

“We’re excited to welcome Temasek and the other new investors in this round to the Magic Leap family. We also greatly appreciate the strong support and partnership from our existing shareholders,” said Rony Abovitz, Founder, President and CEO of Magic Leap. Allen & Company LLC served as

Allen & Company LLC served as exclusive financial advisor to Magic Leap in connection with the transaction.



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