Magic Leap raises $1B for a Future with Augmented Reality Glasses

magic_leap_raises_1B_for_a_future_with_augmented_reality_glasses

The AR mystery start-up Magic Leap to raise $1 billion in Series D round. Start-up company which is working on a head-mounted virtual retinal display to willing to raise $1 billion to glimpse a vision of a future filled with reality glasses. Though the details of about the investors are not yet disclosed. Over 37 million shares of Series D have been endorsed by this raise and $27 per share is preferred. In the secondary market, the price for the Magic Leap stock maybe $27 or lower, according to people who hold shares.

Magic Leap has previously raised $1.4 billion from some of Silicon Valley’s most esteemed investors, counting Google and Kleiner Perkins, earlier valuing the company at $4.5 billion. Using this, along with the previous findings, Equidate calculated that the proposed round is being done at about $7 billion post-money evaluation. Pitchbook estimates it closer to 6.5 million. But whether the completion of the round occurred has not been confirmed yet.

Magic Leap is now engrossed in constructing a pair of smart glasses that will exploit advanced computers and cameras to amalgamate graphics into the real world. It is not yet launched, but Magic Leap is hopeful to announce a software development kit in December.

Julia Gaynor, the Magic Leap representative, said, “This filing is an administrative thing every company needs to go through and so we have nothing else to say at this point. But there will more to share soon.”

Earlier this month, a report came out in which stated that this AR startup might be preparing itself to begin consignment of the device to a “small group of users” in the coming six months and the price could be as much as $2000.

Reply