#Asia Brief: Singapore’s Temasek leads $502m round for Magic Leap

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Photo credit: Magic Leap.

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.

This post Brief: Singapore’s Temasek leads $502m round for Magic Leap appeared first on Tech in Asia.

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