AR firm Magic Leap raises US$502m

Secretive augmented reality (AR) firm, Magic Leap, has raised US$502 million in Series D equity funding, led by Singapore-headquartered investment company Temasek.

Magic Leap said new investor Temasek was joined by other new backers in the round, including Brazilian media giant Grupo Globo, fund management firm Janus Henderson Investors, and the EDBI – the corporate investment arm of the Singapore Economic Development Board.

Return investors included Google, Alibaba Group, Fidelity Management and Research Company,  J.P. Morgan Investment Management, and T. Rowe Price.

“We’re excited to welcome Temasek and the other new investors in this round to the Magic Leap family. We also greatly appreciate the strong support and partnership from our existing shareholders,” said Rony Abovitz, founder, president and CEO of Magic Leap.

Magic Leap is yet to release a product or service, but has raised a reported US$1.9 billion to date and has stated a goal of “bringing together the digital and real worlds to advance human potential”.

“What we are building is meant to amplify you,” said Abovitz in a blog post earlier this year. “The team at Magic Leap is fighting hard each day to make a new computing platform, one that steps closer to making technology feel like it is part of your everyday life, expressing the best of your practical day and opening the door to your creative, inner life.”

“I see our journey at Magic Leap extending out over many decades, over many products and technologies, guided by a single vision of how technology must serve us, how it can tap into the best of what we all already have inside.”