Magic Leap Secures a Further $502 million in Funding

Magic Leap confirms $502 million Series D round

Singapore-based global fund EDBI, Brazil's Grupo Globo, and Janus Henderson Investors, along with its existing investors including Alibaba Group, Fidelity, Google, JP Morgan Investment Management, and T Rowe Price also participated.

It's still not totally clear what Magic Leap is doing, but it sure has raised a ton of money (over $1.9 billion) in order to do whatever it is that it's doing.

"We're excited to welcome Temasek and the other new investors in this round to the Magic Leap family", Rony Abovitz, Founder, President and Chief Executive of Magic Leap, said in a press release.

Abovitz has described it a "virtual reality and an acid trip", an nearly hallucinogenic experience in which the real world and the augmented world are one. Magic Leap is planning to ship an initial version of its headset - smaller than VR headsets like Oculus Rift but bigger than a pair of glasses - within the next six months, priced at $1,500-$2,000, according to the report. The technology hasn't really taken off yet in the consumer space, though Microsoft has received a lot of coverage for its Hololens implementation (which the company calls "mixed reality").

Images of a much larger test rig "leaked" earlier this year, though Abovitz rushed to assure observers that this did not represent anything like the finished product.

The mysterious tech company's head-mounted display is promising to project light fields into the user's eye that will then result in superimposing 3D imagery over real-world objects. Still, $502 million is not a bad step in that direction.

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