Magic Leap 2 Coming Next Year, Company Raises Another $500 Million

Magic Leap 2 Coming Subsequent Yr, Firm Raises One other $500 Million


Magic Leap hasn’t launched a product since its first augmented actuality (AR) headset, the Magic Leap One again in August 2018. However the Florida-based startup continues to be alive and kicking. The corporate Monday announced that it has raised $500 million in funding at a $2 billion valuation. It’s planning to launch the second-gen model of its AR headset, the Magic Leap 2 subsequent yr. The brand new product is already obtainable to “choose clients” as a part of an early entry program, the corporate stated. It will likely be obtainable typically in 2022, although we nonetheless don’t have an actual launch timeframe.

“This funding is a vital step in advancing Magic Leap’s mission to rework the way in which we work,” stated CEO Peggy Johnson. “With ongoing assist from our current buyers, Magic Leap could have higher monetary flexibility and the sources wanted to proceed our progress trajectory as we develop on our industry-leading AR expertise.”

Johnson joined Magic Leap as CEO in August final yr after an in depth profession at Qualcomm and Microsoft, spanning over three a long time. Earlier in April, she revealed that the corporate is on monitor to launch the Magic Leap 2 in “restricted amount” later this yr, adopted by a broader availability early subsequent yr. The most recent announcement basically reiterates that.

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In an interview with CNBC earlier this week, Johnson unveiled (by way of The Verge)the Magic Leap 2 which, she says, is an “all-day” gadget due to its smaller, light-weight constructed. It’s stated to be the {industry}’s smallest and lightest AR headset but. All this, whereas additionally enhancing on usability and performance. The upcoming mannequin doubles the sector of view over its predecessor. The corporate additionally guarantees “picture high quality, shade constancy, and textual content legibility” enhancements. A background dimming characteristic helps make it simpler to see digital the AR content material.

Johnson instructed the Magic Leap 2 is tailored with suggestions from enterprise clients. The corporate is hoping this gadget to “enhance enterprise adoption of AR.”

Magic Leap 2 is concentrated on enterprise clients

Based in 2010, Magic Leap has acquired funding from a few of the largest names within the tech {industry}. Over the previous decade, corporations like Google, Alibaba Group, and AT&T have all invested within the firm. It achieved a valuation of $6.4 billion in 2019.

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Nevertheless, Magic Leap has did not sustain with the {industry} tempo and by June 2020, its valuation had dropped to $450 million. The corporate laid off 1,000 staff final yr because the coronavirus pandemic hit laborious. Co-founder and CEO Rony Abovitz additionally left the corporate final July earlier than Johnson took over the helm.

Magic Leap has now shifted its enterprise focus from customers to enterprise options. The upcoming Magic Leap 2 is seemingly purpose-built for enterprise clients. Time will inform whether or not this value half-a-billion AR headset is successful.





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