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.
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.