Magic Leap raise more money with recent $502m investment round

Magic Leap raise more money with recent $502m investment round
Sean Cleaver

By Sean Cleaver

October 18th 2017 at 2:11PM

The new Series D investment brings the total financing of the company up to $2bn with a product yet to launch

Rumours began to circulate in September that mixed reality developer Magic Leap was going to seek more funding. At the time, we reported that the company was looking for another $500 million. Today, those rumours were not only confirmed but the investment achieved.

Following a Series D investment round by Singapore's Temasek, the wearable tech start-up raised $502 million. The round also included EDBI from Singapore, Brazil's Grupo Globo and Janus Henderson Investors. This means that the total amount of funding raised for the company has hit $2 billion and the value of the company is now over $6 billion, despite having not released a single product.

“We’re excited to welcome Temasek and the other new investors in this round to the Magic Leap family. We also greatly appreciate the strong support and partnership from our existing shareholders,” said Magic Leap founder and CEO, Rony Abovitz.

Magic Leap has been working on wearable technology in the mixed reality medium although details are scant publically. But its mission statement did intend to make a video game experience alongside its computing technology. There have been many talks about the company and the medium they are working in with creative director Graeme Devine making a keynote speech at this year's Evolve:Brighton conference.

At this point, everyone in the games industry is intrigued to see the fruits of Magic Leap's labour. The company is still expanding and looking for new staff, with a heavy recruitment drive underway at its office in Plantation, Florida.