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Google helps augmented reality company raise $542m

Magic Leap "going beyond the current perception of mobile computing, augmented reality, and virtual reality"

The games industry might be obsessed with virtual reality right now, but Google just led a $542 million Series B financing round for augmented reality company Magic Leap.

"Using our Dynamic Digitized Lightfield Signal, imagine being able to generate images indistinguishable from real objects and then being able to place those images seamlessly into the real world," says Magic Leap of its technology.

"We are building a world-class team of experience developers, and are reaching out to application wizards, game developers, story-tellers, musicians, and artists who are motivated by just wanting to make cool stuff."

Sundar Pichai, SVP of Android, Chrome and Apps at Google Inc is joining Magic Leap's board of directors as part of the deal, which saw investors like Qualcomm Ventures, Legendary Entertainment, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz and Obvious Ventures back the company.

"We are looking forward to Magic Leap's next stage of growth, and to seeing how it will shape the future of visual computing," said Pichai.

Magic Leap was founded in 2011 by Rony Abovitz and is currently based in Florida. The company is currently on quite the hiring spree, including a number of game development roles.

"We are excited and honored to have such an extraordinary group of investors to help us bring our vision and products to the world," said Magic Leap CEO Rony Abovitz.

"Magic Leap is going beyond the current perception of mobile computing, augmented reality, and virtual reality. We are transcending all three, and will revolutionize the way people communicate, purchase, learn, share and play."

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Rachel Weber

Senior Editor

Rachel Weber has been with GamesIndustry since 2011 and specialises in news-writing and investigative journalism. She has more than five years of consumer experience, having previously worked for Future Publishing in the UK.