Magic Leap has been formally trying to enter the augmented reality market since 2010, but its debut device in 2018 failed to gain widespread adoption and popularity, so last month management decided to focus on licensing services for the technologies it developed. Having cut almost 80% of its staff, the company is now looking for new sources of funding, and if you believe Bloombergexpects to attract resources in three stages: in August of this year, and then in January and June of next year, respectively.
Image source: Bloomberg
During its existence, Magi Leap has received at least $3.5 billion from investors, and at first, Google showed interest in the startup, but by 2022, the bulk of the assets were transferred to the Saudi Arabian Sovereign Investment Fund, and since the beginning of 2023, it has invested at least $750 million in Magic Leap’s capital, with $160 million of this amount transferred this year. Now the company is counting on additional investments from this fund, but the deal may not take place, as noted in Magic Leap’s application submitted to British regulators.
