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Magic Leap raises $461 million in funding from Saudi Arabian investment arm

Magic Leap raises $461 million in funding from Saudi Arabian investment arm

March 7, 2018 | By Emma Kidwell

March 7, 2018 | By Emma Kidwell
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More: VR, Business/Marketing, Magic Leap



Mixed reality startup Magic Leap announced today that its raised an additional $461 million in funding, provided by The Public Investment Fund of Saudi Arabia. 

This additional funding might be used to incentivize developers to build specifically for its new platform, with the Creator Portal SDK slated to be available in 2018. 

As reported by TechCrunch, the Saudi Arabian fund raised $400 million of the investment, with Magic Leap adding that “new investors” made up the remaining amount. The total Series D funding now totals to $963 million, Magic Leap says.

Magic Leap secured $502 million in funding last year from Singapore-based investor Temasek, meaning the company has now raised around $2.3 billion. 

The company revealed its Magic Leap One headset back in December, which is said to utilize digital lightfield technology to seamlessly blend virtual objects with the real world. No set release date for the AR headset has been given yet. 



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