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More money for Magic Leap, this time from a VR-curious Chinese media group

More money for Magic Leap, this time from a VR-curious Chinese media group

June 6, 2016 | By Alex Wawro




Chinese media group Zhejiang Huace has announced plans to raise roughly $303 million to invest in U.S. ventures, including nebulous mixed-reality startup (and potential game platform) Magic Leap.

While Variety describes Huace's planned investment in Magic Leap as a "small stake", it's still worth noting given that the Floridian startup has now raised well over a billion dollars from investors -- including Chinese e-commercia giant Alibaba, which led a recent $793.5 million round of funding for Magic Leap.

Variety's attention is on Zhejiang Huace because the company has made a name for itself in the entertainment industry, having struck multiple deals with TV and film companies like 20th Century Fox and Arclight.

Now, in addition to its planned investment in Magic Leap, the company intends to look into setting up additional funding opportunities for VR ventures and "new media" projects.



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