US-based augmented reality technology developer Magic Leap raised $793.5m yesterday in a series C round led by e-commerce firm Alibaba.
Internet technology provider Google, mobile semiconductor maker Qualcomm, which took part through its Qualcomm Ventures unit, film studio Legendary Entertainment, and media and entertainment company Warner Bros also invested in the round.
The corporates were joined by financial services group Fidelity Management and Research Company, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers (KPCB), Andreessen Horowitz, Obvious Ventures, J.P. Morgan Investment Management, Morgan Stanley Investment Management, funds and accounts advised by T. Rowe Price Associates, and Wellington Management Company.
Magic Leap is working on augmented reality technology it calls Mixed Reality Lightfield, which will be able to superimpose ultra-realistic moving light sculptures on real-life settings.
The company, which is now valued at $4.5bn according to Wired, is gearing up for the release of its first product, founder and CEO Rony Abovitz revealed in a blog post yesterday, though he neglected to give additional details.
Abovitz said in a statement: “Here at Magic Leap we are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences. This investment will accelerate bringing our new Mixed Reality Lightfield experience to everyone.
“We are excited to welcome Alibaba as a strategic partner to help introduce Magic Leap’s breakthrough products to the over 400 million people on Alibaba’s platforms.”
The round follows a $542m series B round closed in October 2014 that was led by Google and backed by Qualcomm Ventures, Legendary Entertainment, KKR, Vulcan Capital, KPCB, Andreessen Horowitz and Obvious Ventures, as well as $50m of earlier funding.
Allen & Company advised Magic Leap in connection with the fundraising.
– Image courtesy of Magic Leap, Inc.