Secretive Augmented Reality Startup Magic Leap Raising $827 Million

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Magic Leap could possibly be the most expensive bit of vaporware of the world or it could be the solution to the augmented reality (AR) question. The secretive startup by Rony Abovitz’s is just about to add an extra $827 million into its investment after the $542 million it secured in 2014 from Qualcomm, Google and others. Magic Leap wants to revolutionize your reality, and seemingly they are in need of a lot of money for that to be possible.

This enigmatic augmented reality startup is raising $827 million in a new Series C round. That is according to a Delaware filing obtained by FORBES from a private market data provider VC Experts. The new round of Magic Leap could translate the company’s overall funding to $1.4 billion, and its potential fully-diluted post-money valuation to approximately $3.7 billion – based on the option pool and all shares being issued.

Forbes do not have any information on who has capitalized in the Series C round yet, but it actually found out that there is Magic Leap board seat up for grabs. The South Florida Business Journal was the first to report that Magic Leap was involved in the deal which could value the company at a whopping $4.5 billion.

That would make Magic Leap one of the prime and most highly financed startups globally although they are yet to launch a product. They assured augmented reality (AR) was even more ambitious than virtual reality (VR) efforts by Facebook’s Oculus as well as others since it’s promising to layer digital images on top of the real world through special eyeglasses. A few other companies, such as HoloLens of Microsoft, have established comparable technology using stereoscopic techniques to create the illusion of 3D, however Magic Leap says it can project ”digital lightfields” in the eyes of users for greater practicality.

It’s also known that Abovitz wants Magic Leap to be “an operating system for reality” so it is much more than simply a piece of augmented reality (AR) hardware. But as it has been said previously, there are still much more queries than answers. Is the field of view better than HoloLens? Could Magic Leap control a new version of Google Glass? How have Abovitz and his engineers fixed the problem of light from the real world interacting with 3D virtual graphics?

It’s not clear at now who has invested, though the round comes with a new board seat. A Magic Leap spokesperson refused FORBES’ request to give comment(s) on the filing. Magic Leap has only given sensibly presented demos of its probable capabilities. In September, it released a video purportedly “shot directly using Magic Leap technology” with “no special effects

Before that in March, Magic Leap launched an augmented reality video of first person shooter game-that had no such disclaimer to vouch for its authenticity.

Magic Leap founder and CEO Rony Abovitz said in a conference in June, “We’re fundamentally a new kind of lightfield chip to enable new experiences. There’s no off-the-shelf stuff used. That’s the reason for the amount of capital we’ve raised — to go to the moon.” He also released Magic Leap’s software development kit and said the company was building out manufacturing facilities in Florida to develop components for the device.

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