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.


Kevin Gale
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