Magic Leap is back with $500 million in funding and a new AR headset
Magic Leap has raised $500 million in funding and is preparing to release a new AR headset, the Magic Leap 2, next year, the company announced Monday. The headset will be generally available next year, the company said, and “select customers” are using it as part of an early access program.
CEO Peggy Johnson said in a statement that with the new funding “Magic Leap will have greater financial flexibility and the resources needed to continue our growth trajectory as we expand our industry-leading AR technology.” She revealed the new device in a Monday appearance on CNBC.
Magic Leap, of course, is the company that began its existence as a mysterious AR startup, funding its consumer-friendly AR headset, before changing the name of its headset from Magic Leap 1 to The Magic Leap One Creators Edition. Received about $3 billion for giving. Strive to attract professional clients. The company laid off 1,000 employees – nearly half of its workforce – in 2020, and was reportedly leaving its consumer business. Cofounder and CEO Ronnie Abovitz left the company in July 2020, and was replaced by Johnson.
In April, Johnson said that a limited volume of Magic Leap’s second-gen headset, 20 percent lighter and with double the area, would ship later this year. According to its statement on Monday, the Magic Leap 2 will be the industry’s smallest and lightest device built for the enterprise, “designed to embrace the business of AR.”
In a separate post on Monday, Johnson reflected on his first year as CEO of Magic Leap. He cited “increasing demand for AR” across industries, and cited research from International Data Corp (IDC), which showed the AR/VR market is expected to grow to $140 billion by the end of 2024.
She enlisted the company’s enterprise clients, including Ericsson and Farmers Insurance, the latter of which used the company’s technology to remotely train new employees during the pandemic. Johnson said Magic Leap forged strategic partnerships with Google Cloud, PTC, Nvdia and VMware
Johnson said that Magic Leap’s core business is focused on enterprise solutions, but added, “There remains intense interest in the application of Magic Leap’s technology to the consumer sector. In fact, we have received several requests to license our technology.” and we will actively pursue these opportunities if they enhance our position and capability in the enterprise market.
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