Internet company Google is leading a funding round that could stretch to $500m for Magic Leap, a US-based start-up building technology it calls ‘Cinematic Reality’, Re/Code reported yesterday.
Founded in 2011, Magic Leap is still operating in stealth mode as it develops its product, which is reportedly likely to involve 3-D technology that is more realistic than that currently offered.
Chief executive Rony Abovitz has has described it as: “what we believe will be the most natural and human-friendly wearable computing interface in the world,” and the company has also revealed that it aims to downscale it to the point where it could be integrated into a pair of glasses, a development which could hypothetically benefit Google Glass.
Google is investing as part of a consortium that could also include venture capital firm Andreessen Horowitz, a source told Re/Code.
Magic Leap raised $50m from undisclosed investors in February this year, stating the cash would go to developing and commercialising its product. The company has not disclosed how it plans to spend the funds from its current round.