Wearable tech player Magic Leap raises US$542m in round led by Google

21 Oct 2014

Magic Leap, a start-up focused on employing artificial intelligence to power what it intends will be the world’s most natural wearable computing tech, has received a US$542m investment from Google and others.

The Florida-based technology company headed by CEO Rony Abovitz has raised the US$542m from a number of investors including Google, Qualcomm, Andreessen Horowiz, KKR and Legendary Entertainment.

Google’s senior vice president in charge of Android, Chrome and Apps will join Magic Leap’s board.

The latest investment follows a US$50m seed investment in Magic Leap back in February.

The company’s proprietary human interface is a technology it calls Cinematic Reality.

Prior to starting Magic Leap Abovitz was the co-founder and head of development and technology for MAKO Surgical, a world leader in human-interactive robotics for orthopedic surgery. The company was acquired by Stryker Corp for US$1.65bn in December 2013.

The company has developed a revolutionary wearable technology that combined with augmented reality creates what it describes as amazingly immersive and fantastical experiences.

The idea is to deliver a more realistic 3D/augmented reality experience than those currently created by Oculus Rift, which Facebook acquired earlier this year for US$2bn.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years