Magic Leap, the US-based augmented reality developer that counts Google and mobile semiconductor maker Qualcomm among its investors, is raising $827m for its series C round, Fortune reported yesterday.
The funding is being raised at a post-money valuation of $3.7bn, according to a Delaware filing Forbes obtained from market data provider VC Experts. No investors in the round have so far been disclosed, but Magic Leap will provide a board seat.
Magic Leap is developing goggles capable of superimposing animated computer graphics over a user’s vision of real life. Its light field technology could hypothetically be used for a variety of purposes, though entertainment will likely be the sector it initially targets.
The South Florida Business Journal reported in October that Magic Leap would seek up to $1bn in its next round, while Re/code stated China-based e-commerce firm Alibaba was in talks to invest $200m in the forthcoming round.
The company has so far raised almost $600m since it was founded in 2010, having received $50m from undisclosed investors as of February 2014.
Google and Qualcomm Ventures, which acts as Qualcomm’s corporate venturing arm, took part in a $542m series B round in October 2014 alongside film and comic book producer Legendary Entertainment, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz and Obvious Ventures.
– Image courtesy of Magic Leap, Inc.