Magic Leap Valued at $4.5bn After Latest Funding Round

magic-leap.pngEnigmatic virtual and augmented reality firm Magic Leap is preparing to announce a new round of funding that will see the startup valued at around $4.5bn, despite having no consumer product and no concrete timeline for when it is releasing one.

According to TechCrunch, the latest investment round will see Jack Ma, founder and executive president of Alibaba, join the board of directors as the company focuses on the potential of the Chinese entertainment market.

The mixed-reality startup has maintained a palpable aura of mystery despite massive investment from established tech firms including Alibaba and Google, who own a large stake in the company. Very little is known about the technology being developed by the South Florida company, but it has amassed nearly $1.4bn in funding and has 500 employees.

Concrete figures regarding investment in the firm and its valuation are hard to come by, with a large amount of contradictory information circulating due to long funding rounds and the companys trademark reticence to share details.

Exactly what the companys technology does is just as unclear, with previous reports suggesting that the firm is creating a wearable headset that can project images into the wearers field of vision using technology called dynamic digitised lightfield signal that is supposedly far beyond current AR offerings.

Given the interest shown by investors and large tech firms, and some of the ambitious demonstrations the company has shown the few times it has revealed what its working on, many industry figures are eagerly awaiting more definite information from the startup on when we can expect to see some kind of finished product.