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.Category Investments News Technology