Florida-based Magic Leap lands $793.5 million in mega-funding round

Magic Leap in Florida Funding RoundMagic Leap’s future is coming into focus, as a historic mega-round of funding could sharply accelerate its path to commercialization.

The secretive South Florida technology company working on a computing platform that simulates reality has raised $793.5 million in a new round of venture capital financing led by Chinese e-commerce giant Alibaba Group.

In the largest funding round of its kind, Magic Leap’s Series C investors also include Warner Bros., Fidelity Management and Research Co., JPMorgan Chase & Co. and Morgan Stanley Investment Management, Magic Leap said Tuesday. Existing investors Google, which led a previous funding round of $542 million in late 2014, and Qualcomm Ventures also participated. Alibaba Executive Vice Chairman Joe Tsai will sit on Magic Leap’s board, joining Google CEO Sundar Pichai.

The latest round pushes Magic Leap’s total funding to almost $1.4 billion. The funding will give Magic Leap a post-money valuation of $4.5 billion – that’s for a company that has yet to reveal its technology to the world.

“This funding allows us to accelerate the move from product development to pilot manufacturing, manufacturing and commercial launch,” said Magic Leap founder and CEO Rony Abovitz, in a phone interview Tuesday morning. “But beyond that, this gives the company a very long-term runway – effectively we can be sustainable. We may not need to raise capital again – it doesn’t mean we won’t – but it gives us the ability to think well beyond the initial product launch.”

Continue reading at the Miami Herald

Leave a Reply

Your email address will not be published. Required fields are marked *