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Magic Leap adds another $461 million in funding

Saudi Arabian Public Investment Fund leads latest round of investors in augmented reality start-up

Magic Leap continues to draw massive amounts of investment in anticipation of its first product release. As reported by TechCrunch, the augmented reality outfit's latest funding push adds $461 million to its coffers, bringing the company's total funding to nearly $2.6 billion.

The Kingdom of Saudi Arabia's investment operation, The Public Investment Fund, is leading the latest round to the tune of $400 million, with the remaining contributions coming from new investors.

"The Magic Leap team and I are happy to welcome The Public Investment Fund and the other new investors to the Magic Leap family. We look forward to having them join us on our journey to build an amazing future," Magic Leap CEO Rony Abovitz said.

The company's last funding round came in October, when it was reportedly on the verge of raising another $1 billion, but "only" brought in $502 million. That followed series C funding rounds in 2015 and 2016 that brought in $827 million and $794 million, respectively.

One big difference between those prior rounds and this one is that Magic Leap actually has an announced product now. In December, the company finally showed off the Magic Leap One, with an unspecified 2018 launch window for the initial "Creator Edition" of the headset.

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Brendan Sinclair avatar
Brendan Sinclair: Brendan joined in 2012. Based in Toronto, Ontario, he was previously senior news editor at GameSpot.
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