Google and other investors are planning to invest USD 500 million in hardware and software maker company Magic Leap, to deliver “cinematic reality”, technology website. Google is leading the funding round with participation from Andreessen Horowitz that may be the other investor in the consortium.
Update: Magic Leap has closed USD 542 million Series B funding round at a valuation of USD 1 billion. The round was led by Google, Inc., KPCB, Andreessen Horowitz, Obvious Ventures, Qualcomm and Legendary Entertainment.
As Re/Code reported, the other terms and details about the funding round are still undisclosed by the Google, Andreessen Horowitz and Magic Leap. Earlier this year, Magic Leap had also received USD 50 million Series A funding to develop its technology platform.
Here is a video which shows a short interview with CEO Rony Abovitz, Magic Leap, during promoting an iPhone augmented reality app called “The Hour Blue” from 2011.