Magic Leap raises $500M and unveils Magic Leap 2 AR headset for subsequent 12 months

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Magic Leap raised $500 million at a $2 billion valuation and unveiled its Magic Leap 2 AR headset for subsequent 12 months.

CEO Peggy Johnson mentioned on CNBC that some clients try out the brand new headset and common availability would occur in 2022.

“This funding is a crucial step in advancing Magic Leap’s mission to remodel the way in which we work,” mentioned Johnson, in a press release. “Since becoming a member of Magic Leap in 2020, my focus has been on accelerating the corporate’s shift to the enterprise market, strengthening our technological basis, and constructing a strong enterprise throughout sectors starting from healthcare and manufacturing to protection and the general public sector. With ongoing help from our current traders, Magic Leap can have higher monetary flexibility and the assets wanted to proceed our development trajectory as we develop on our industry-leading AR expertise.”

Magic Leap has gone by a whirlwind. Based in 2010 by Rony Abovitz, the corporate got down to be a pioneer in augmented actuality and blended actuality applied sciences. Abovitz raised $2.6 billion in a number of rounds and developed the Magic Leap One, a blended actuality headset that debuted in August 2018.


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Above: Peggy Johnson is CEO of Magic Leap.

Picture Credit score: Magic Leap

However gross sales had been gradual for the $2,295 system, as shoppers didn’t dive into the costly tech. Lastly, in April 2020, Magic Leap determined to close down its client division and laid off about 1,000 workers, or half its workforce. In Might 2020, Abovitz introduced he would exchange himself as CEO (whereas staying on the board) simply as the corporate acquired a significant lifeline with a $350 million elevate.

In September 2020, the board appointed Peggy Johnson as CEO. She’s a a former Microsoft govt, and this was a part of a plan to double down on the enterprise markets. Enterprises usually tend to purchase costly AR headsets as a result of they’ll see the worth in purposes comparable to AR coaching, which can be utilized to switch costly coaching packages for brand new workers that may price tens of hundreds of {dollars} or extra.

However there’s a whole lot of competitors, as there are rivals comparable to Varjo, Microsoft HoloLens, and ongoing analysis into aggressive merchandise at locations comparable to Fb and Apple. The large platform firms are little question prepared to take a position as a lot as or greater than Magic Leap, as AR is without doubt one of the contenders to be the following era of computing.


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