News: After Gathering Another $502 Million in Funding, Magic Leap May Deliver AR Device in Six Months

After Gathering Another $502 Million in Funding, Magic Leap May Deliver AR Device in Six Months

As expected, Magic Leap closed a Series D round of equity funding, raising $502 million from new and existing investors. Less expected, however, were a fresh set of rumors that the company's first devices could ship within six months.

The round was led by Temasek, EDBI, a Singapore-based fund, Globo from Brazil, and Janus Henderson Investors. Existing investors Alibaba Group, Fidelity Management and Research Company, Google, J.P. Morgan Investment Management, and T. Rowe Price also participated in the round.

Based on regulatory filings, the price for Series D shares was set at $27 each, so approximately 18 million shares were sold.

We're excited to welcome Temasek and the other new investors in this round to the Magic Leap family. We also greatly appreciate the strong support and partnership from our existing shareholders.

Meanwhile, Bloomberg reports that Magic Leap could begin shipping a limited quantity of devices within the next six months to a select group of users.

Citing sources familiar with the company's plans, the device will cost between $1,500 and $2,000 dollars. Its form factor is described as being larger than a pair of glasses but smaller than a VR headset, and the device would tether wirelessly to a smartphone-sized computer.

In June, Abovitz said that the device's launch was "not far away." In the tech world, ten months is not that far, so perhaps these latest rumors are closer to reality.

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Cover image via Magic Leap/YouTube

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