Florida-based startup, Magic Leap, has raised around $800 million from investors including Alibaba, Warner Bros and Google, as it prepares to begin production of a new “augmented reality” headset that its founder promises will bring users Harry Potter-like experiences. Withe the infusion of this fund, the company is now valued at $4.5 billion. Further, as a part of the deal, Joe Tsai, Alibaba’s Executive Vice-Chairman, will join its board.
This investment follows 2014’s $542 million fundraising round, which had valued the company at $1.2 billion.
Adding a comment on the development, Rony Abovitz, said, “We want to be around for quite a while… We don’t want to be a flash-in-the-pan start-up.” He added that Magic Leap is developing a product which will leapfrog Oculus Rift to bring a new kind of “hyper-personal computing” that seamlessly mixes rich digital graphics with the physical world.
Further, Abovitz compared his platform to the arrival of Apple’s first personal computers in the 1970s.