https://www.theverge.com/2021/10/11/22721345/magic-leap-500-million-funding-ar-headset

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Filed under:

  * Tech
  * Virtual Reality
  * Augmented Reality

Magic Leap somehow raised $500 million to make another AR headset

The Magic Leap 2 is slated for release next year.

By Kim Lyons@SocialKimLy Oct 11, 2021, 5:04pm EDT

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[ML_Teaser_] Magic Leap

Magic Leap has raised $500 million in funding and is preparing to
release a new AR headset, the Magic Leap 2, next year, the company
announced Monday. The headset will be generally available next year,
the company said, and "select customers" are using it as part of an
early access program.

CEO Peggy Johnson said in a statement that with the new funding
"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." She revealed the new device in an
Monday appearance on CNBC.

    @peggyj just revealed #MagicLeap2 on @CNBC - the industry's
    smallest and lightest device. Built for enterprise, it is more
    immersive and comfortable, with the largest FOV, and dimming - a
    first-to-market innovation enabling use in brightly lit settings.
    https://t.co/jSPUGd4P9N pic.twitter.com/LVpUX6YfcW

    -- Magic Leap (@magicleap) October 11, 2021

Magic Leap, of course, is the company that began its existence as a
mysterious AR startup, received almost $3 billion to fund its
consumer-friendly AR headset, before changing its headset's name from
Magic Leap 1 to The Magic Leap One Creator Edition in an attempt to
attract professional customers. The company laid off 1,000 employees
-- roughly half its workforce -- in 2020, and was reportedly abandoning
its consumer business. Cofounder and CEO Rony Abovitz left the
company in July 2020, and was replaced by Johnson.

In April, Johnson said limited quantities of Magic Leap's second-gen
headset, 20 percent lighter and with a doubled field of view, would
ship later this year. According to its statement Monday, the Magic
Leap 2 will be the industry's smallest and lightest device built for
enterprise, "designed to increase business adoption of AR."

In a separate post Monday, Johnson reflected on her first year as
Magic Leap's CEO. She cited a "growing demand for AR" across
industries, and cited research from International Data Corp. (IDC)
that showed the AR/VR market is expected to grow to $140 billion by
the end of 2024.

She listed the company's enterprise customers, including Ericsson,
and Farmers Insurance, the latter of which used the company's tech to
train new employees remotely during the pandemic. Johnson said Magic
Leap has added strategic partnerships with Google Cloud, PTC, NVDIA,
and VMWare

Johnson said Magic Leap's core business is focused on enterprise
solutions, but added "there continues to be intense interest in the
application of Magic Leap's technology in the consumer space. In
fact, we have received several requests to license our technology and
will actively pursue these opportunities if they enhance our position
and ability to innovate in the enterprise market."

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