Investments, News, Technology

Alibaba, Warner Bros and Google Back AR Company Magic Leap at a Valuation of $4.5B

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.

The company has not disclosed further details on the upcoming product, nor has it revealed the date of its launch.

magic leap

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.

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Further, Abovitz compared his platform to the arrival of Apple’s first personal computers in the 1970s.

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One comment

  1. 1

    Impressive funding and valuation of this start-up! Looking forward to see their product in the future.

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