News Agencies Feed 

Kingdom of Saudi Arabia Provides More Magic Leap Funding

Saudi Arabia, March 8, 2018

Florida-based start-up Magic Leap are known for being secretive about its product, but have been quite open about its funding. Though consumers are still awaiting a product launch, yet more money continues to pour into Magic Leap, this time from Saudi Arabia.

The additional funding comes from the sovereign investment arm of the Kingdom of Saudi Arabia, the Public Investment Fund, who have provided an injection of $461 million (USD) to Magic Leap.

The additional Series D funding brings the total series D funding up to a total of $963 million. The latest funding comes after a recent injection from investor Axel Springer, which brought the total raised by Magic Leap up to almost $2 billion.

Magic Leap will supposedly be releasing the developer’s edition of its debut product, the Magic Leap One, which is meant to begin being shipped to selected enterprise partners and developers later this year. The Magic Leap One is said to comprise of three components, the ‘lightwear’ headset, a processing unit dubbed the ‘Lightpack’ and 6DoF controller.

Though details on what technology is being used by Magic Leap are scarce, it is speculated that the device will be using ‘Lightfield’ holographic technology. Many analysts and experts are uncertain as to what the amount of funding Magic Leap has received is being used for, with some believing that Magic Leap is attempting to make breakthroughs in augmented reality (AR) and mixed reality (MR) technology in advance of what is currently possible, even by companies such as Microsoft with its HoloLens.

So far, the only people outside of the Magic Leap staff who have been hands-on with the technology have been non-technical celebrities such as singer Beyonce and comedian Ricky Gervais, so little is currently known about its performance.