Magic Leap’s “augmented reality” glasses went on sale

Magic Leap raised $2 billion before its long-awaited “augmented reality” glasses went on sale last week, an unprecedented sum for a start-up before its first product launch. With the $2,300 Magic Leap One device finally shipping, the founder Rony Abovitz said the company was open to raising more capital as it gears up for a longterm fight against larger rivals such as Apple and Microsoft, which are developing their own AR headsets… Extra funds could help Magic Leap expand internationally and broaden its product portfolio… while also providing further opportunity to build demand and awareness for what remains a nascent product category of glasses that place holograms on to the real world… Magic Leap’s most recent financing came from the telecoms and media conglomerate AT&T in July, extending its Series D funding round that valued the Florida company at $5 billion and bringing its total capital raised to $2.3 billion. Alongside financial backers such as Singapore’s Temasek, Saudi Arabia’s Public Investment Fund, Fidelity and T Rowe Price, Magic Leap has assembled a formidable collection of strategic investors from the tech and media industry, including Google, Alibaba, Qualcomm and AT&T’s Warner Bros.

 

Tim Bradshaw

 

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