Mysterious Magic Leap Wraps Up Its Mega-Funding Round

Augmentative reality startup Magic Leap – you know, the product that we still know very little about thanks to secrecy – that mixes the real world with that of… well anything if we’re to belive the videos, has raised United States dollars 793.5 million in a funding, led by Alibaba.

A still from Magic Leap’s first teaser video for the Dr. Grordbort’s game developed by Weta Workshop and Magic Leap. Augmented reality itself isn’t new, apps have been offering up some form of augmented reality for the better part of a decade now, but Magic Leap aims to take this to new levels, and they’ve received a lot of attention from some big names. Alibaba Chairman Jack Ma said a year ago that the company would help fund technology startups in the USA with plans to help them expand to China.

Aside from Alibaba, Magic Leap also received continued investment from both Google and Qualcomm Inc, as well as new investments from Warner Bros Entertainment Inc, Fidelity Management and Research Co, J.P. Morgan Investment Management, and Morgan Stanley Investment Management.

The company has teased some images of its technology – called Mixed Reality Lightfield – which would allow viewers to experience the real world and computer-generated experiences all at the same time.

Allen & Company LLC served as financial advisors to Magic Leap in connection with the transaction.

Two decades ago, Wellington established a film-based economy that has helped to shape the capital’s creative credentials, he said. “This investment will accelerate bringing our new Mixed Reality Lightfield experience to everyone”.

Since joining the Magic Leap Board in 2010, Taylor and his Weta Workshop team had provided invaluable creative direction, strategic thought leadership and drive to Magic Leap, he said.

“We are really accelerating everything”, said Abovitz, who added that Magic Leap is moving into supply chain operations and noted some parts of the device are already being built in a factory not far from the company’s headquarters in Dania Beach, FL. “All of that is being sped up”.

In 2104 it completed a $542 million Series B financing, which was led by Google Inc.

Whatever the case, Magic Leap’s investors are betting heavily that the company will be able to deliver on its lofty promises, and the rest of us will have to wait and see if it will live up to the hype.