The news (extracted from Bloomberg):
- Magic Leap, the mysterious startup developing an augmented reality headset, has added US$502 million to its war chest. The funding round was led by Singapore state fund Temasek and joined in by investors like EDBI, Grupo Globo, Janus Henderson, and Alibaba.
- This brought the Florida-based startup’s total funding to over US$1.8 billion.
- Bloomberg earlier reported that the latest financing was expected to value Magic Leap at about US$6 billion.
Why it matters:
- Magic Leap hasn’t even released a product yet. It has never given a launch date for its device, nor offered much detail on how it would work.
- What’s known so far is that it’s fallen behind AR competitor Microsoft and might have oversold what it can do.
- That hasn’t stopped prominent benefactors – Google and Andreessen Horowitz also previously funded the company – from backing it up.
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