Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

AR startup Magic Leap raises $461 million from Saudi Arabia fund

Published 03/07/2018, 12:46 PM
Updated 03/07/2018, 12:50 PM
AR startup Magic Leap raises $461 million from Saudi Arabia fund

(Reuters) - Magic Leap, a secretive startup working in the augmented reality space, said on Wednesday it raised $461 million in its latest funding round, led by the Kingdom of Saudi Arabia's sovereign investment arm.

The company said it raised $963 million in the series D round, taking the total funding to over $2.3 billion to date.

Saudi Arabia's Public Investment Fund joins a clutch of global names such as Alphabet Inc's (O:GOOGL) Google, Alibaba Group (N:BABA), Qualcomm Inc (O:QCOM), Time Warner's (N:TWX) Warner Bros and J.P. Morgan Investment Management which have invested in Magic Leap.

Magic Leap in October raised $502 million in a capital funding round, led by Singapore government-owned investment firm Temasek Holdings (TEM.UL).

The latest financing round comes as Magic Leap readies to ship in 2018 its long-awaited debut product, "Magic Leap One, Creator Edition", an AR headset built for developers.

Magic Leap said Allen & Co LLC served as its financial advisers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.