Magic Leap announces $500 million in funding for AR development

AR developer Magic Leap has announced that it has raised $500 million in funding to roll out its second-generation, enterprise focused Magic Leap 2 AR headset in 2022.

Magic Leap has expanded its focus on the enterprise market, expanding into training, manufacturing and healthcare use cases from 2020-2021.

The total funds-raised came in at a post-money valuation of approximately $2 billion USD. Peggy Jonson, CEO, Magic Leap, commented: “Since joining Magic Leap in 2020, my focus has been on accelerating the company’s shift to the enterprise market, strengthening our technological foundation, and building a robust business across sectors ranging from healthcare and manufacturing to defence and the public sector. With ongoing support from our existing investors, Magic Leap will have greater financial flexibility and the resources needed to continue our growth trajectory as we expand on our industry-leading AR technology.”

The Magic Leap 2 is designed for enterprise and will feature dimming options and an increased field of view designed to increase business adoption of AR, with availability scheduled for 2022.

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