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

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Magic Leap has raised $500 million in funding and is making ready to launch a brand new AR headset, the Magic Leap 2, subsequent 12 months, the corporate announced Monday. The headset can be usually accessible subsequent 12 months, the corporate stated, and “choose prospects” are utilizing it as a part of an early entry program.

CEO Peggy Johnson stated in an announcement that with the brand new funding “Magic Leap can have higher monetary flexibility and the sources wanted to proceed our progress trajectory as we increase on our industry-leading AR know-how.” She revealed the brand new system in an Monday look on CNBC.

Magic Leap, in fact, is the corporate that began its existence as a mysterious AR startup, obtained nearly $3 billion to fund its consumer-friendly AR headset, earlier than altering its headset’s identify from Magic Leap 1 to The Magic Leap One Creator Version in an attempt to attract professional customers. The corporate laid off 1,000 employees — roughly half its workforce — in 2020, and was reportedly abandoning its client enterprise. Cofounder and CEO Rony Abovitz left the corporate in July 2020, and was replaced by Johnson.

In April, Johnson stated restricted portions of Magic Leap’s second-gen headset, 20 p.c lighter and with a doubled area of view, would ship later this year. In accordance with its assertion Monday, the Magic Leap 2 would be the {industry}’s smallest and lightest system constructed for enterprise, “designed to extend enterprise adoption of AR.”

In a separate post Monday, Johnson mirrored on her first 12 months as Magic Leap’s CEO. She cited a “rising demand for AR” throughout industries, and cited analysis from Worldwide Information Corp. (IDC) that confirmed the AR/VR market is anticipated to develop to $140 billion by the tip of 2024.

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She listed the corporate’s enterprise prospects, together with Ericsson, and Farmers Insurance coverage, the latter of which used the corporate’s tech to coach new staff remotely throughout the pandemic. Johnson stated Magic Leap has added strategic partnerships with Google Cloud, PTC, NVDIA, and VMWare

Johnson stated Magic Leap’s core enterprise is concentrated on enterprise options, however added “there continues to be intense curiosity within the utility of Magic Leap’s know-how within the client house. In reality, we have now obtained a number of requests to license our know-how and can actively pursue these alternatives in the event that they improve our place and talent to innovate within the enterprise market.”

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