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Magic Leap lands another $502 million

Startup's series D funding round ends up roughly half the size previously reported

Last week, reports emerged that Magic Leap was on the verge of raising another $1 billion in funding. Today the company announced its latest round of funding, revealing that it has actually brought in "just" $502 million in series D funding.

The $502 million figure includes contributions from previous investors like Alibaba, Google, Fidelity, JP Morgan, and T. Rowe Price, as well as new supporters including the Singapore government's investment firm Temasek, the Singapore Economic Development Board's investment arm EDBI, Brazilian media conglomerate Grupo Globo, and US investment firm Janus Henderson.

"We're excited to welcome Temasek and the other new investors in this round to the Magic Leap family. We also greatly appreciate the strong support and partnership from our existing shareholders," said Magic Leap president, CEO, and founder Rony Abovitz.

Impressive as the latest investment is, it's still just the third biggest funding round for Magic Leap. A pair of series C funding rounds in 2015 and 2016 brought in $827 million and $794 million, respectively, meaning the latest round pushes the startup's total investment beyond the $2 billion mark. Magic Leap has yet to announce a product.

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Brendan Sinclair

Managing Editor

Brendan joined in 2012. Based in Toronto, Ontario, he was previously senior news editor at GameSpot in the US.