Mysterious Magic Leap Tech Raises Over $500 Million in Funding - IGN (2024)

Florida-based company Magic Leap has secured $542 million in investments from the likes of Google, KPCB, Andreessen Horowitz, Obvious Ventures, Qualcomm and Legendary Entertainment, whilst remaining secretive about what the company's mysterious tech actually is.Speaking to TechCrunch, CEO Rony Abovitz explained to the site that the tech's potential isn't limited to just one field, which Abovitz believes puts Magic Leap's estimated market size in the trillions of dollars range annually.

The next question, then, has to be what is Magic Leap exactly? While the company is remaining tight-lipped about the specifics, Abovitz paints it as a sort of real-world augmented reality company.

Mysterious Magic Leap Tech Raises Over $500 Million in Funding - IGN (1)

(Image: Magic Leap)

“If you think about what mobile computing is right now, it’s portable, it’s great, and I call it ‘making your hand happy,’ in that you can hold it and it’s great,” Abovitz told TechCrunch. “Your hand is happy, but your eye is not. What I mean by your eye is not happy, if you step outside your office and look at San Francisco Bay, it’s just this visual feast, and there’s no movie theater, there’s no television display, there’s nothing that will ever match the grandeur of what our own brains can create in terms of visual experience.”

At a rudimentary level, Magic Leap could be a device which projects a life-like image onto the users retina, creating the illusion of something being real. It's not clear what form the tech will take is, but Abovitz describes it as “lightweight wearable."

Abovitz goes on to note that Magic Leap isn't like the Oculus Rift, and it's not a VR experience. In the same breath, he also says it's not augmented reality either, since it goes far beyond AR to create a truly 3D object. Abovitz explains comparing Magic Leap to AR to a circ*mstance where someone goes to see the Wright Brothers fly their first airplane in 1903, only to find someone building a jet next-door.

Over on the Magic Leap website, Sci-Fi author and "Chief Futurist" Neal Stephenson explains how - after four men turned up on his doorstep with a mythical sword - he came to be on the project.

"A few months ago, two Irishmen, a Scot, and an American appeared on my doorstep with Orcrist, aka 'Goblin-cleaver,' the ancient sword forged during the First Age of Middle Earth by the High Elves of Gondolin, later retrieved from a troll hoard by Thorin Oakenshield," says Stephenson.

"It’s not every day that someone turns up at your house bearing a mythic sword, and so I did what anyone who has read a lot of fantasy novels would: I let them in and gave them beer. True to form, they invited me on a quest and asked me to sign a contract (well, an NDA actually)."

Stephenson goes to mention that Sir Richard Taylor – founder and head of WETA Workshop – is a member of Magic Leap's board of directors, which as Stephenson puts it, explains the Tolkien-ian swords.

"Magic Leap is mustering an arsenal of techniques--some tried and true, others unbelievably advanced--to produce a synthesized light field that falls upon the retina in the same way as light reflected from real objects in your environment. Depth perception, in this system, isn’t just a trick played on the brain by showing it two slightly different images.

"Most of the work to be done is in applied physics, with a sizable dollop of biology--for there’s no way to make this happen without an intimate understanding of how the eye sees, and the brain assembles a three-dimensional model of reality. I’m fascinated by the science, but not qualified to work on it. Where I hope I can be of use is in thinking about what to do with this tech once it is available to the general public. "Chief Futurist" runs the risk of being a disembodied brain on a stick. I took the job on the understanding that I would have the opportunity to get a few things done."

Stephenson points out that Magic Leap isn't just designed for gaming. Although he's been a fan of "two-dimensional figments moving around on flat screens," he's also aware of the potential Magic Leap has, and that the tech doesn't need to be pigeonholed to just video games.

"What applies to games applies as well to other things of interest, such as making the world safe for books, doing new things with science and math visualization, and simply creating art for art’s sake."

We'll be sure to keep you updated as more details regarding Magic Leap become available.

Wesley Copeland is a freelance news writer, but you probably already guessed that. For more obvious statements, you should probably follow him on Twitter.
Mysterious Magic Leap Tech Raises Over $500 Million in Funding - IGN (2024)

FAQs

Mysterious Magic Leap Tech Raises Over $500 Million in Funding - IGN? ›

Magic Leap has had one hell of a journey, and to their credit, it seems investors are still addicted to giving them money. The augmented reality startup announced today that they have raised $500 million at a $2 billion valuation from existing investors.

How much funding did Magic Leap get? ›

(The investment date was in November). To date, Florida-based Magic Leap has raised $4.5 billion. Magic Leap's founder, Rony Abovitz, stepped down from the CEO job in 2020.

What happened with Magic Leap? ›

“[W]e are announcing that Magic Leap 1's end-of-life date will be December 31, 2024. Magic Leap 1 is no longer available for purchase but will continue to be supported through December 31, 2024,” the company writes. Shorter term, the product's various communications are being shuttered.

What company owns Magic Leap? ›

“So we're thinking, putting our expertise and their expertise together, there's lots of things we could end up doing,” she said. Google is an investor in Magic Leap, which is majority owned by Saudi Arabia's Public Investment Fund.

Who is the new CEO of Magic Leap? ›

Magic Leap, an augmented reality (AR) platform, appointed Ross Rosenberg as its new CEO.

What is the total compensation for Magic Leap? ›

The median yearly total compensation reported at Magic Leap is $175,021.

Can I buy Magic Leap stock? ›

Magic Leap is a privately held company. This means only accredited and institutional investors can invest in the company before its IPO.

Is Magic Leap worth it? ›

Compared to Hololens and Meta's HMDs, Magic Leap has its unique taste. It's known for its spatial computing capabilities which are top-tier, transforming how you interact with digital content. The device truly immerses you into augmented reality, letting you move virtual objects like it's a piece o' cake.

Where is Magic Leap headquarters? ›

Magic Leap is headquartered in Plantation, Florida, the US.

How much does Magic Leap cost? ›

The $3,299 Magic Leap 2 (ML2), which launched in September, is easier to wear, far more powerful and it offers a dramatically larger (and taller) AR field of view than any headset we've seen before.

Is Magic Leap a good company to work for? ›

How do employees rate Magic Leap? Employees rate Magic Leap 3.9 out of 5 stars based on 428 anonymous reviews on Glassdoor.

How many patents does Magic Leap have? ›

Magic Leap has a total of 8555 patents globally.

What is the annual revenue of Magic Leap? ›

Magic Leap's annual revenue is $157.7M. Zippia's data science team found the following key financial metrics about Magic Leap after extensive research and analysis. Magic Leap has 1,339 employees, and the revenue per employee ratio is $117,789. Magic Leap peak revenue was $157.7M in 2023.

Why did Peggy Johnson leave Magic Leap? ›

In a statement, Johnson said she accomplished much of what she had set out to do when she joined the company more than three years ago. "I felt the time had come to transition leadership to a new CEO who can guide the company through its next period of growth,” she said.

How many units has Magic Leap sold? ›

Magic Leap sold 6,000 units in the six months following its flagship's launch, but sales dropped off after that.

What is the stock name for Magic Leap? ›

What is Magic Leap's stock symbol? Since it is not publicly listed, there is no Magic Leap stock symbol or Magic Leap ticker symbol assigned for Magic Leap.

What is the revenue of Magic Leap? ›

Magic Leap's annual revenue is $157.7M. Zippia's data science team found the following key financial metrics about Magic Leap after extensive research and analysis. Magic Leap has 1,339 employees, and the revenue per employee ratio is $117,789. Magic Leap peak revenue was $157.7M in 2023.

Did PIF invest in Magic Leap? ›

A Groundbreaking Investment in Virtual Reality

Saudi Arabia's PIF has made a significant foray into the virtual reality sector, investing a staggering $590 million in Magic Leap. This investment substantially boosts Magic Leap's capital, bringing the company's total funding to over $4.5 billion.

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