Magic Leap Raises $461 Million From Saudis

Magic Leap announced Wednesday that it had raised $461 million, mostly from Saudi Arabia’s sovereign investment arm. The company described the investment as the second closing of a round that totaled $963 million. The first part, announced in October, was led by Temasek Holdings Pte., Singapore’s state-owned investment company.

Magic Leap has raised more than $2.3 billion to date, and has been valued at above $6 billion. Google, Alibaba and Morgan Stanley are already investors.

The Florida-based company, which employs about 1,400 people, is working on an augmented reality headset that superimposes 3-D virtual images on the real world. Magic Leap says it will ship the device some time this year. In September, Bloomberg reported that the headset will cost $1,500 to $2,000, citing people familiar with company’s plans.

Magic Leap has drawn intense interest due to the ambition of its vision and its secrecy, but is also battling skepticism that it has consistently over-stated its ability to follow through. There have been consistent signs of discord within the organization. In February, Magic Leap sued Todd Keil, an employee who it says was attempting to extort it with the threat of a lawsuit. Last week, Business Insider reported that Magic Leap had also called the police to report that an employee had allegedly stolen $1 million from the company.

courtesy : Bloomberg , www.Bloomberg.com

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