Categories: News

Magic Leap Raises Another $350m in Investment

It’s been around a year now since Magic Leap debuted their Creator Edition AR (augmented reality) headsets and so far, it’s been anything but a success. In fact, as of December (the last time confirmed sales figures were revealed) they had only managed to sell around 6,000 units.

Despite huge levels of investment in the company, however, there was some concerning news when the Magic Leap announced that there would be significant lay-offs as well as some big restructuring. Largely taking the form of scrapping many side projects in favor of their main headset development. Put simply, these are usually warning signs that the money is beginning to run out!

Well, it seems that if Magic Leap was in financial difficulty, they may have gotten a stay of execution as in a report via GamesIndustry, the AR firm has just managed to raise an additional $350m of external investment.

Magic Leap

Despite the loss of some staff members, Magic Leap has confirmed that the fresh investment means that no further planned lay-offs will be necessary and, as such, they can proceed with development of their ‘Magic Leap Two’ AR headset.

The bottom is an internal e-mail that was (presumably) sent to staff members on the potential chopping block.

“Today, as we have secured financing, we are also formally withdrawing the conditional WARN notice that was sent to you on April 22, 2020, otherwise there are no changes to the terms of employment and we look forward to continuing normal operations.”

What Do We Think?

I must admit that ‘financial difficulty’ was merely speculation on my part. It is, however, hard to ignore that the Magic Leap One has sold spectacularly poorly and, as such, something needed to happen while the development of the Magic Leap Two continued.

Will this be enough to save the company though? Well, the short version is that they need to get a success on their hands pretty quickly as a company can’t survive forever on impressive tech demos and ‘too expensive to buy’ products. All going well though, this will at least keep the metaphorical wolf away from their door!

Let’s just hope that their next headset won’t cost anything close to the originals $2,500 price tag!

What do you think? – Let us know in the comments!

Mike Sanders

Disqus Comments Loading...

Recent Posts

Creative Sound Blaster Audigy FX V2 & DBPRO Review

There are many great audio solutions on the market these days, and actually, many modern…

6 hours ago

Sharkoon Unveils its SKILLER SGK3 Keyboard with Reactive Kailh Switches

Sharkoon has announced the launch of a brand new mechanical keyboard: the SKILLER SGK3 White.…

13 hours ago

Genesis Launches New Krypton 290 Gaming Mouse

Genesis has announced the launch of its new Krypton 290 gaming mouse from its highly…

13 hours ago

Gelid Launches Amazingly Inexpensive BlackFrore CPU Cooler

Tech innovator GELID Solutions has unveiled its latest high-performance CPU Cooler designed for both AMD…

13 hours ago

TeamGroup Unveil New Products Including DDR5 Memory, AIOs, and Portable SSDs

At the COMPUTEX 2021 Virtual Expo in May, TEAMGROUP presented the core value underlying its…

13 hours ago

Vulkan Ray Tracing is Now (Sort Of) Available on Pre-RDNA2 AMD GPUs

While Nvidia has been happily building upon its ray tracing technology introduced with the launch…

13 hours ago