Magic Leap to seek more funding following AR headset release

Magic Leap One Creator EditionMixed reality headset firm Magic Leap is reportedly open to raising more capital on the back of the release of its long-awaited augmented reality (AR) glasses last week.

The startup has already raised more than $2bn – and that was long before launching any products – but further investment could help Magic Leap to expand across the world and introduce more products.

“Any company like ours attempting to do something at this scale, we are taking on some of the biggest companies in the world,” Rony Abovitz, Magic Leap president, CEO and founder, told the Financial Times. “We are probably always in the mode of being opportunistic about capital.”

Magic Leap is currently valued at around $6bn on the back of $2.3bn in investment from the likes of AT&T, Google, Alibaba, Qualcomm, Temasek, and Saudi Arabia’s Public Investment Fund, among others.

Despite this huge investment in the startup, it has only just released its first product – the Magic Leap One Creator Edition.

The headset, which we first got given an insight into back in December 2017, is aimed at developers and costs $2,295. It is currently only on sale in Chicago, Los Angeles, Miami, New York, Seattle, and the San Francisco Bay Area but is expected to be launched in more cities across the US before the end of the year.