Magic Leap is back with $ 500 million in funding and a new AR headset

Magic Leap has raised $ 500 million in funding and is preparing to release a new AR headset, the Magic Leap 2, next year, the company said on Monday. The headset will generally be available next year, the company said, and “select customers” are using it as part of an early access program.

CEO Peggy Johnson said in a statement that with the new funding, “Magic Leap will have greater financial flexibility and the resources to continue our growth trajectory as we develop our state-of-the-art AR technology. ‘industry”. She revealed the new device during an appearance Monday on CNBC.

Magic Leap, of course, is the company that began its existence as a mysterious AR startup, received nearly $ 3 billion to fund its user-friendly AR headset, before changing the name of its headset from Magic Leap 1 to The Magic Leap One Creator Edition in an attempt to attract professional customers. The company laid off 1,000 employees – about half of its workforce – in 2020, and reportedly abandoned its consumer business. Co-founder and CEO Rony Abovitz left the company in July 2020 and was replaced by Johnson.

In April, Johnson said limited quantities of Magic Leap’s second-generation helmets, 20 percent lighter and with doubled field of vision, would ship later this year. According to its statement on Monday, the Magic Leap 2 will be the industry’s smallest and lightest device designed for businesses, “designed to increase AR adoption by businesses.”

In a separate article on Monday, Johnson discussed his first year as CEO of Magic Leap. She cited a “growing demand for AR” across industries and cited research from International Data Corp. (IDC) which showed that the AR / VR market is expected to reach $ 140 billion by the end of 2024.

She listed the company’s corporate clients, including Ericsson, and Farmers Insurance, the latter having used the company’s technology to train new employees remotely during the pandemic. Johnson said Magic Leap has added strategic partnerships with Google Cloud, PTC, NVDIA and VMWare

Johnson said Magic Leap’s core business focuses on enterprise solutions, but added that “there continues to be intense interest in the application of Magic Leap technology in the large space. public. In fact, we have received several license applications for our technology and we will actively pursue these opportunities if they improve our position and ability to innovate in the business market. “

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