Magic Leap Lands $827m Funding for AR/VR Tech

Magic Leap AR VR DJMagic Leap, the Florida tech start-up behind a platform that combines AR and VR, is reportedly in the process of securing a $827m (£546m) Series C funding round.

Details on Magic Leaps tech are still a little thin on the ground, but we know that it is working on a wearable – presumably a headset – that can project images into the wearers field of view using what it calls a dynamic digitized lightfield signal, overlaying the real world with digital imagery that is much more sophisticated than the AR tech were currently used to.

Citing a Delaware filing shared by VC Experts, Forbes reports that the round would value Magic Leap at $3.7bn, making it one of the most well-funded startups in the world – before it has even unveiled, let alone launched, its product to the public.

This round seems to be in place of the rumoured $1bn funding we reported on back in October, bringing the startups total funding so far to $1.4bn. Chinese eCommerce giant Alibaba was reported to be a potential investor at the time, though it hasnt been confirmed whether it is participating in this round.