The Wall Street Journal: Magic Leap adds another $502 million in funding
Stealthy mixed-reality startup Magic Leap Inc.’s failure to bring a product to market hasn’t gotten in the way of raising another hefty round of capital.
The company said on Tuesday it raised a $ 502 million Series D round led by Singapore’s sovereign fund Temasek, bringing Magic Leap’s total funding to about $ 1.9 billion.
The Plantation, Fla., company’s timeline for releasing a product has come under increased scrutiny in recent months. Magic Leap’s most recent round appears to be an up round, as the share price rose 17%, to $ 27 a share, according to a Delaware corporate filing it made.
The funding comes as many technology companies continue to invest in augmented reality. Apple Inc. recently bet big on AR with its ARKit platform, raising speculation it would follow that by releasing AR glasses. Google parent Alphabet Inc. GOOG, +0.02% GOOGL, +0.16% , Snap Inc. SNAP, +0.12% and Facebook Inc. FB, +0.91% are also racing to release devices in the emerging medium.
An expanded version of this report appears on WSJ.com.
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