Singapore’s Temasek leads $502m round in Magic Leap

A Temasek Holdings Pte employee walks past the company's signage in their office in Singapore. Photographer: Munshi Ahmed/Bloomberg

Florida-based augmented reality startup Magic Leap Inc has bagged $502 million in a Series D funding round led by Singapore’s Temasek, an investment that takes the total cash pumped into the company to close to $2 billion.

The round was joined by Singapore-based fund and Singapore Economic Development Board’s arm EDBI, Grupo Globo from Brazil and Janus Henderson Investors, a statement said on Wednesday.

Return backers Alibaba Group, Fidelity Management and Research Company, Google LLC, J.P. Morgan Investment Management, and T. Rowe Price, Inc also participated in the Series D round. Bloomberg had earlier reported that the latest funding values the startup at close to $6 billion.

Magic Leap had earlier raised a whopping $793.5 million in its previous round, the biggest ever Series C investment in history.

Founded in 2011, Magic Leap is notoriously secretive about the product it is developing, believed to be a wearable computing device. The company has so far not provided a launch date for its offering. Its website, too, is decidedly vague about the product and its capabilities.

VR/AR, the area that Magic Leap works in, is set to create a new and even more intuitive way to interact with a computer. Given the use of this technology in various spheres, there is great potential for this technology to emerge from vertical specific use cases to a broader computing platform.

According to Goldman Sachs Global Investment Research report on Virtual & Augmented Reality, VR and AR have the potential to become the next big computing platform.

“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.

The company has offices in Los Angeles, Sunnyvale, Seattle, Austin, Dallas, Zurich, New Zealand, and Israel.

Also Read:

Singapore’s Temasek mulls investing in US startup Magic Leap

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.