The augmented reality startup Magic Leap has raised a fresh round of funding for $500 million, valuing the company at roughly $2 billion.
The Florida-based business has now raised a total of $3.5 billion in funding from several investors, including giants such as Google, AT&T, Alibaba, and Warner Bros. The company had signed a deal with NBA in 2018 to bring live streaming for the games to its AR headset. The company is also working with developers such as “Angry Birds VR” maker Resolution Games to develop video games for the platform.
The company was previously valued at $6.7 billion in 2019. The last time it was valued at $2 billion was back in 2014, when it raised a $532 million round just three years after it was founded.
Nevertheless, it is still massive news for the company, which was expected to shut shop in 2020. The company had laid off over 1,000 employees, which was roughly half its workforce last year. The then co-founder and CEO Rony Abovitz was replaced by Peggy Johnson, a former Microsoft executive.
The company’s $2,300 AR headset has performed poorly, but a new version, the Magic Leap 2, is expected to be revealed in 2022. As per the company, the device will be the industry’s “smallest and lightest device” built for business use.
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