New investment will advance Magic Leap’s focus on delivering powerful, best-in-class augmented reality solutions for the enterprise
Magic Leap today announced that it has raised $500 million in funding at a post-money valuation of roughly $2 billion . The new capital will further Magic Leap’s focus on delivering best-in-class augmented reality (AR) solutions including the roll-out of its second-generation product, Magic Leap 2, in 2022.
“This investment is an important step in advancing Magic Leap’s mission to transform the way we work,” said Peggy Johnson, Chief Executive Officer of Magic Leap. “Since joining Magic Leap in 2020, my focus has been on accelerating the company’s shift to the enterprise market, strengthening our technological foundation, and building a robust business across sectors ranging from healthcare and manufacturing to defense and the public sector. With ongoing support from our existing investors, Magic Leap will have greater financial flexibility and the resources needed to continue our growth trajectory as we expand on our industry-leading AR technology.” With a solid financial foundation and the infusion of new capital, Magic Leap will enhance its current go-to-market efforts and ability to deliver augmented reality solutions that drive business transformation outcomes for the enterprise market.
Over the past year, Magic Leap and its partners have delivered powerful enterprise use cases in training, manufacturing, and healthcare. Magic Leap has also continued to bolster its significant patent portfolio, including the development of its second-generation product, Magic Leap 2, which will be the industry’s smallest and lightest device built for enterprise. This more advanced headset features innovative, first-to-market breakthroughs like dimming and increased field of view that are designed to increase business adoption of AR. General availability for Magic Leap 2 is scheduled for next year with select customers already leveraging its capabilities through an early access program.