weareliferuiner

  • Home
  • TECH
    • APP
    • APP REVIEW
    • GADGETS
    • IOS
    • MAC
    • SMARTPHONE
  • COMMUNICATION
  • LIFESTYLE
    • BEAUTY
    • FAMILY
    • FESTIVAL
    • FITNESS
    • FOOD & DRINK
    • HEALTH
  • MONEY
  • Chocolate
  • PRODUCTIVITY
  • NEWS
  • Contact Us !
Reading: Magic Leap raises $793.5 million from Alibaba, Google, Qualcomm
Share
Aa
Aa
weareliferuinerweareliferuiner
Search
  • Home
  • TECH
    • APP
    • APP REVIEW
    • GADGETS
    • IOS
    • MAC
    • SMARTPHONE
  • COMMUNICATION
  • LIFESTYLE
    • BEAUTY
    • FAMILY
    • FESTIVAL
    • FITNESS
    • FOOD & DRINK
    • HEALTH
  • MONEY
  • Chocolate
  • PRODUCTIVITY
  • NEWS
  • Contact Us !
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
weareliferuiner > NEWS > Magic Leap raises $793.5 million from Alibaba, Google, Qualcomm
NEWS

Magic Leap raises $793.5 million from Alibaba, Google, Qualcomm

sristy
Last updated: 2016/03/04 at 12:44 PM
By sristy 3 Min Read
Share
SHARE

Magic Leap is promising to create a headset that would use a type of light-field technology to simulate 3-D images superimposed on the real world.Magic Leap is promising to create a headset that would use a type of light-field technology to simulate 3-D images superimposed on the real world.

New York: Magic Leap Inc., the mysterious startup working on a device that simulates reality, has raised $793.5 million in a new round of funding led by Alibaba Group Holding Ltd.

Other new investors include Warner Bros., Fidelity Management and Research Co., JPMorgan Chase & Co. and Morgan Stanley Investment Management, Magic Leap said Tuesday in a statement. Existing investors Google, which led a previous funding round, and Qualcomm Ventures also participated.

The Google-led investment of $542 million in 2014 was the biggest virtual or augmented reality funding deal at the time, according to data from research firm Pitchbook. Facebook Inc. that same year spent about $2 billion to buy Oculus VR, which had raised about $93 million before being bought, according to Pitchbook data. The latest round pushes Dania Beach, Florida- based Magic Leap’s total funding to almost $1.4 billion.

Magic Leap is promising to create a headset that would use a type of light-field technology to simulate 3-D images superimposed on the real world. The technology likely would project patterns of light to the eye, allowing it to perceive virtual objects similar to the way people naturally see existing things. Though Magic Leap hasn’t revealed its headset, the company intends to work with Chinese e-commerce giant Alibaba to bring its eventual product to the more than 400 million users on Alibaba’s sites, Rony Abovitz, the startup’s chief executive officer, said in the statement.

Alibaba has invested in about five US startups a year since 2013, according to CB Insights data. Alibaba chairman Jack Ma said last year that the company would help fund technology startups in the US with plans to help them expand to China. Over the past five years, the three biggest Chinese Internet companies — Alibaba, Baidu and Tencent — have invested in 52 startups, according to CB Insights.

[“source-Livemint”]

TAGGED: $793.5, Alibaba, from, Google, Leap, Magic, million, Qualcomm, raises
sristy March 4, 2016
Previous Article Ratan Tata says some start-up valuations ‘pricey’
Next Article Urban Ladder appoints Sanjay Gupta chief marketing officer

Latest News

Early signs of kidney problems that most people ignore
HEALTH
Food and Drink Business
FOOD & DRINK
Try out the Samsung Collection app that Chinese users exclusively enjoy!
APP
The iPhone 17’s launch date has been revealed: Apple may release this enigmatic gadget on…
GADGETS
Due to the second wave of COVID-19
SMARTPHONE
Back to basics: How simple fitness outperforms every trend
FITNESS
Vivo T4 Pro Teased to Launch in India Soon; to Be Available on Flipkart
GADGETS
Explained: How the govt is planning to evaluate students’ fitness in schools
FITNESS

Removed from reading list

Undo

Lost your password?