On Wednesday , Magic Leap announced that it ’s raised another $ 461 million , bringing the VR company ’s full funding to more than$2.3 billion — without having released individual production .
Most of the novel lettuce issue forth from the Public Investment Fund ( PIF ) , an investment fund persist by the Saudi Arabia government . The new cash signal Saudi Arabia’scontinued influence on American technical school , and it also prove that people are still willing to throw long ton of money ata pretty ugly productthat has yet to ship .
“ The Magic Leap team and I are happy to receive the Public Investment Fund and the other new investors to the Magic Leap family . We look forward to experience them join us on our journeying to build an awesome future , ” Magic Leap founder Rony Abovitz said in a pressure release .
Until late , just about the only thing Magic Leap had ever done publicly was raise money . It was n’t until the end of last December , after age of hype , that Magic Leap finally teased the publicwith promise raw details about its applied science and inauspicious photos of its goggles . They calculate big if you like looking like an louse from the nose up .
The latest funding news does n’t really substantiate a tidy sum , other than the fact that the speculation working capital world is always uncoerced to bet on the next big affair , even when that matter takes an eternity to materialize . Though , as we ’ve learned , just because you ’re investor - backed does n’t mean you ’re guaranteed to have a whole lot offoresight . The couple hundred mill does n’t indicate that Magic Leap has cauterise through its funding , nor does it mean that its product is any closer to , or further from being released . It just means the company now has more money to continue developing something that has already taken a significant amount of time ( and hype ) to edge out the doorway .
[ TechCrunch ]
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