Magic Leap value nears $6bn

Singapore investment firm reportedly leading new financing round of more than $500m

Mysterious augmented reality start-up Magic Leap continues to raise funds for its wearable device, with the next round of financing said to bring the firm's value close to $6bn.

Bloomberg reports that Singapore-based Temasek Holdings is likely to lead the round and help to raise more than $500m for Magic Leap. Previous investors include Google, Qualcomm and Alibaba, with the latter leading Magic Leap's last financing round.

At the end of that round, the Florida-based start-up was valued at $4.5bn.

Sources also tell Bloomberg that Magic Leap will ship its first device within the next six months, albeit to a "small group of users", and it will cost between $1,500 and $2,000. If this launch window is accurate, it's likely we'll get the long-awaited reveal of the AR headset soon.

Magic Leap has garnered plenty of attention over the years with its ambitious promises of an augmented reality device that goes beyond what previous companies have attempted. However, we still have very few concrete details on how the headset works or what it's actually capable of.

Last year, a patent filing offered a first look at what Magic Leap's product might be, suggesting a visor that obscures much of the wearer's face but is presumably transparent enough to give them good field of vision.

Meanwhile, Bloomberg's sources claim it will be bigger than a pair of glasses but smaller than current virtual reality headsets. A puck-shaped device roughly the size of a smartphone will wirelessly provide processing and information to the device.

Magic Leap has been extremely tight-lipped about what it's working on, even as recently as this year's Develop:Brighton conference where the firm's 'chief games wizard' Graeme Devine discussed the firm's hopes for mixed reality.

Related stories

Magic Leap and HoloLens competing for military funding

Augmented reality headsets would “increase lethality” of US troops as part of Army's $500 million program

By James Batchelor

Magic Leap One Creator Edition now available for $2,295

The hyped mixed reality startup shows its hand at last

By Matthew Handrahan

Latest comments

Sign in to contribute

Need an account? Register now.