Magic Leap has pulled in a massive circle of investments, the company has become richer by about $ 350 million, thanks to several unnamed investors, Business Insider has learned. The fact that the company that develops AR glasses and platforms, which has been in an increasingly difficult position in recent years, has managed to convince its partners to invest is still a mystery, especially after the company was forced to lay off about a thousand employees just a month ago.
The million-dollar amount is backed by both former and new investors, though he did not reveal exactly which companies were involved. In recent years, Google, Warner Bros., Alibaba and AT&T, among others, have provided capital for Magic Leap. In the letter, the company’s CEO Rony Abovitz spoke of business negotiations with the healthcare, corporate and defense sectors also “going very well” and added that the company could make another investment in the coming weeks. Abovitz also withdrew a previously issued WARN notice warning its employees of planned large-scale layoffs within 60 days.
Magic Leap AR glasses, Magic Leap One, became available to developers in the summer of 2018 for him, however, the device has received a lot of criticism since its release, due to its restrained capabilities compared to the original promises, and its extremely peppery price tag, well in excess of $ 2,000. The company’s AR headset was backed by about eight years of development and an unwavering investor background who pumped $ 2.3 billion into the company during the period. The manufacturer, meanwhile, didn’t really communicate specifics to the audience, instead trying to whip up enthusiasm around the product with spectacular demo videos. This, combined with the spectacular confidence of investors considered initiated, has set the bar high for the Magic Leap One – something the headset ultimately failed to jump in.
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Contrary to promises, the device was not completely wireless, the glasses also included a belt-mounted Lightpack central unit that connects to the headset with a cable. The device’s Tegra X2 system chip was also depressing – the 2016 chip was no longer a top device in 2018. Concerns were also confirmed by live tests, the biggest problem being the limited field of view, the 40-degree horizontal viewing angle, especially after previous demo videos, was far from satisfactory.
According to reports, the company is already working on the second generation of glasses, the Magic He is also working on Leap Two, which can remedy his predecessor's problems. However, given the company's background, it is still unclear how it was able to maintain investor confidence even after a series of failures in recent years.
Gellert is Technology Editor at Counting News Media and contributor at other major tech publications. Her interests includes testing new gadgets and reading.