Technology

AR mystery startup Magic Leap looking to raise as much as $1B in Series D round



Magic Leap may be raising as much as $1 billion to fund their vision of a future filled with augmented reality glasses.

A Delaware filing dated Wednesday was provided to us by CB Insights, confirming that the secretive startup has authorized about $1 billion in new funding.  The filing authorizes over 37 million shares of Series D preferred stock at $27 per share. No details on investors yet. Using this and previous filings, Equidate is calculating that the proposed round is being done at about a $7 billion post-money valuation. Pitchbook estimates it closer to $6.5 billion.

A spokesperson for Magic Leap would not confirm that the round had been completed.

To date, the most remarkable public details to emerge regarding the Plantation, Florida augmented reality startup have been the substantial cash they’ve raised and the noteworthy  names that are backing them. This round withstanding, the company has publicly announced nearly $1.4 billion in funding coming from high-profile investors that include Google, Alibaba and Andreessen Horowitz.



This substantial amount of funding has placed Magic Leap firmly in the public eye, but the only official hints of the startup’s consumer product strategy have emerged from dated patent filings and cryptic remarks by the company’s leadership referring to the launch of a device it seems to be tentatively calling “Magic Leap One.”

A report last month in Bloomberg suggested that the AR startup may be readying itself to begin shipment the device to a “small group of users” in the next six months at a price that could be as much as $2,000. In the past few weeks, the company has begun a new marketing push that has included a branding revamp with a new logo, new website and a new promo video which promises that “the whole story is coming soon.”



Source : TechCrunch



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