Rumors from back in September of Magic Leap raising a Series D investment were confirmed today as the company revealed an additional $502 million in venture funding, led by a Singaporean investment firm Temasek, with participation from strategic and financial investors.
The latest investment in the secretive augmented reality company comes in the form of a brief press release posted to the company’s website. In addition to new investors, Temasek, EDBI, Grupo Globo, and Janus Henderson Investors, investors from prior rounds have added more fuel to the fire, including Alibaba Group, Fidelity Management and Research Company, Google LLC, J.P. Morgan Investment Management, and T. Rowe Price, Inc.
The press release also includes a nebulous new mission statement in the ‘About Magic Leap’ section:
Magic Leap’s mission is to harmonize people and technology, amplifying the best parts of you, to create a better, more unified world.
Though the company has now raised nearly $2 billion in venture funding, they have remained tight-lipped on details of the “Digital Lightfield” AR technology that they’re building. A recently released video was the latest tease from the company, offering little more than vague statements about magic, though the bits and pieces that have either been revealed or leaked about what the company is doing suggests they’re developing their own AR headset.
Bloomberg, which was on the money regarding the Series D investment back in September, at the time also reported that Magic Leap plans to soon release a limited number of its first device which would be priced between $1,500 and $2,000.
Recently the company’s Chief Game Designer offered some insight into the types of AR experiences the company has been building internally, and talked about what he believes will be the format of AR content which will “define a generation.”