Investments, News, Technology

Google Backed Augmented Reality Startup Magic Leap Raises $827M

Augmented Reality startup ‘Magic Leap’ has raised $827 million according to the documents filed in Delaware. According to the previous reports, the company was supposed to raise nearly $1 billion in which Chinese giant Alibaba planned to put $200 million. The report filed does not identify any investor.

In the last round of investment, Florida based ‘Magic Leap’ had raised $542 million in which Google, Andreessen Horowitz, Kleiner Perkins Caufield & Byers, Kohlberg Kravis Roberts & Co., Obvious Ventures, Vulcan Capital, Qualcomm Ventures, Peter Diamandis and Legendary Entertainment participated.

What is Magic Leap?

What happens when Google glass meets Oculus Rift? Founded by Rony Abovitz, Magic Leap is a wearable technology that enables humans to interact with digital devices in a completely visually cinematic way.

The website quotes, “We call it a Dynamic Digitized Lightfield Signal™ (you can call it a Digital Lightfield™). It is biomimetic, meaning it respects how we function naturally as humans.”

Google CEO Sundar Pichai is heading the board for for the company, as this seems to be one of the Google’s most important projects in the industry.

Private Market Data company VC Experts estimate the value of the company to be somewhere near $3.7 billion, while an exclusive from the South Florida Business Journal states the valuation of the company to be around $4.5 billion.

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