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Magic Leap reportedly raises $350 million

Magic Leap had warned the state it would lay off 402 employees, but that’s apparently not happening after it raised $350 million, according to Business Insider.

The news site said an internal email sent by President and CEO Rony Abovitz outlined the company’s improved fortunes. Magic Leap, based in Plantation, is developing a cutting edge virtual reality headset called Magic Leap 2.

“Closing a financing such as this during the current difficult economic environment is a significant show of belief in our spatial computing mission, vision, and technology. This is also a show of belief in our team’s ability to deliver on our upcoming enterprise market mission, including the deep focus on Magic Leap 2,” explained Abovitz in the email. “We are making very good progress in our healthcare, enterprise, and defense deals. As these deals close, we will be able to announce them.”

Magic Leap has previously raised $2.6 billion from investors, including Google, Alibaba Group, Warner Brothers, AT&T and Japan’s NTT Docomo.

The Business Insider report indicated previous investors participated in the new round.

 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.