Magic Leap raises $ 500 million in funding
- ByManjeet Singh | October 12, 2021
According to Magic Leap, it secured $500 million in funding at an estimated post-funding valuation of $2 billion. Through the new capital, Magic Leap will focus on delivering best-in-class augmented reality (AR) solutions including the roll-out of Magic Leap 2, its second-generation product, in 2022.
Magic Leap CEO Peggy Johnson described the investment as an important step in advancing the company’s mission to transform how we work. “Since joining Magic Leap in 2020, my focus has been on accelerating the company’s shift to the enterprise market, strengthening our technological foundation, and building a robust business across sectors ranging from healthcare and manufacturing to defense and the public sector. With ongoing support from our existing investors, Magic Leap will have greater financial flexibility and the resources needed to continue our growth trajectory as we expand on our industry-leading AR technology.”, He added further.
Magic Leap will be able to drive business transformation outcomes for the enterprise market as a result of the solid financial foundation and the infusion of new capital.
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