Magic Leap Raises $461M in New Funding Led by Saudi Arabia’s Investment Arm

Magic Leap, the augmented reality headset manufacturer, has added another couple hundred million dollars to its Series D investment round, this time $461 million led by The Public Investment Fund, Saudi Arabia’s sovereign investment arm, Tech Crunch reports.

According to the report, the Saudi Arabian fund raised $400 million of the investment, while Magic Leap says “new investors” made up the remaining amount.

Magic Leap most recently took on an unspecified amount from German media company Axel Springer, producers of several German magazines including Die Welt and Bild, as well as English language online publications such as Business Insider.

Magic Leap started their Series D financing round back in October last year, taking on $502 million lead by Singapore-based finance firm Temasek Holdings. Not counting whatever sum Alex Springer invested in the company, Magic Leap has taken on a total of $2.3 billion in funding.

“The Magic Leap team and I are happy to welcome The Public Investment Fund and the other new investors to the Magic Leap family.” said CEO Rony Abovitz to Tech Crunch in a statement. “We look forward to having them join us on our journey to build an amazing future.”

Magic Leap says they’re on track to release Magic Leap One sometime in 2018, the company’s AR headset unveiled in December last year. No pricing or specific release date has been made public at this time.

The post Magic Leap Raises $461M in New Funding Led by Saudi Arabia’s Investment Arm appeared first on Road to VR.

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