Magic Leap raises $500M and unveils Magic Leap 2 AR headset for subsequent yr

Magic Leap raises $500M and unveils Magic Leap 2 AR headset for next year

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Magic Leap raised $500 million at a $2 billion valuation and unveiled its Magic Leap 2 AR headset for subsequent yr.

CEO Peggy Johnson stated on CNBC that some clients try out the brand new headset and common availability would occur in 2022.

“This funding is a crucial step in advancing Magic Leap’s mission to rework the way in which we work,” stated Johnson, in an announcement. “Since becoming a member of Magic Leap in 2020, my focus has been on accelerating the corporate’s shift to the enterprise market, strengthening our technological basis, and constructing a sturdy enterprise throughout sectors starting from healthcare and manufacturing to protection and the general public sector. With ongoing assist from our current buyers, Magic Leap can have better monetary flexibility and the sources wanted to proceed our progress trajectory as we increase on our industry-leading AR know-how.”

Magic Leap has gone by a whirlwind. Based in 2010 by Rony Abovitz, the corporate got down to be a pioneer in augmented actuality and blended actuality applied sciences. Abovitz raised $2.6 billion in a number of rounds and developed the Magic Leap One, a blended actuality headset that debuted in August 2018.


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Above: Peggy Johnson is CEO of Magic Leap.

Picture Credit score: Magic Leap

However gross sales had been gradual for the $2,295 gadget, as customers didn’t dive into the costly tech. Lastly, in April 2020, Magic Leap determined to close down its client division and laid off about 1,000 workers, or half its workforce. In Might 2020, Abovitz introduced he would substitute himself as CEO (whereas staying on the board) simply as the corporate obtained a significant lifeline with not less than one other $350 million increase.

In September 2020, the board appointed Peggy Johnson as CEO. She’s a a former Microsoft govt, and this was a part of a plan to double down on the enterprise markets. Enterprises usually tend to purchase costly AR headsets as a result of they’ll see the worth in functions corresponding to AR coaching, which can be utilized to interchange costly coaching applications for brand new workers that may value tens of hundreds of {dollars} or extra.

However there’s a number of competitors, as there are rivals corresponding to Varjo, Microsoft HoloLens, and ongoing analysis into aggressive merchandise at locations corresponding to Fb and Apple. The massive platform firms are little doubt prepared to speculate as a lot as or greater than Magic Leap, as AR is likely one of the contenders to be the subsequent era of computing.

The truth that Magic Leap has been in a position to increase one other huge spherical in the course of the pandemic means that buyers like what they see once they see demos of the Magic Leap 2. Little doubt the tech can be lighter and sharper, with higher discipline of views. However hopefully Magic Leap may even have the ability to convey the prices down in a major approach.


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