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Magic Leap Secures $500 Million in Funding to Launch New AR Glasses

Magic Leap Raises $500 Million, Unveils Next-Gen AR Glasses, and Sets Sights on Enterprise Dominance

In a bold move that signals a resurgence in the augmented reality (AR) landscape, Magic Leap has secured $500 million in fresh funding, valuing the company at a staggering $2 billion. This significant capital injection coincides with the unveiling of Magic Leap 2, the company's next-generation AR glasses poised to revolutionize the enterprise market.

CEO Peggy Johnson, who joined Magic Leap in 2020, has spearheaded the company's strategic shift towards enterprise applications, recognizing the immense potential of AR to transform workplace productivity and training. "This investment is another important step in the mission of Magic Leap to change the way we work," Johnson stated.With the Magic Leap 2, Magic Leap aims to address the challenges that plagued the first iteration, which struggled to gain traction among consumers due to its high price tag of $2,295. The new glasses are designed to be more affordable, accessible, and tailored to the specific needs of businesses.The company's strategic refocus has already yielded promising results, with thousands of customers already testing the Magic Leap 2 in pilot programs across various industries. The glasses are expected to be commercially available as early as 2022.

This latest funding round underscores the growing investor confidence in Magic Leap's vision and its potential to lead the AR revolution. Despite the presence of formidable competitors like Varjo, Microsoft HoloLens, Facebook, and Apple, Magic Leap's technological prowess and enterprise-centric approach have captured the attention of investors.The company's pivot towards enterprise solutions is a shrewd move, considering the vast untapped potential of AR in transforming training methodologies and empowering employees with real-time information overlays. With the Magic Leap 2, companies can potentially streamline training processes, reduce costs, and enhance productivity.The fact that Magic Leap has secured such substantial funding amidst a global pandemic highlights the unwavering belief in the company's potential. 

As AR technology matures and becomes more accessible, Magic Leap is poised to play a pivotal role in shaping the future of work and revolutionizing industries across the board.

"This investment is another important step in the mission of Magic Leap to change the way we work," Johnson said in a statement. "Since joining Magic Leap in 2020, my focus has been to speed up the company's transition to the enterprise market, strengthen our technological base and build a strong business that will provide solutions to diverse sectors ranging from medical care and manufacturing to security and the public sector. With continued support from our existing investors, - Magic Leap will be the financial flexibility and resources needed to continue our growth pathIn order to continue to lead the field of augmented reality technology (AR) ".

The new information is certainly surprising considering the slow sales that the first Magik Lip augmented reality glasses that cost $ 2,295, the expensive price caused consumers not to dive into the expensive technology. Finally, in April 2020, Magic Leap closed the consumer division and laid off about 1,000 employees, Misha has half its workforce and in May 2020, the Israeli Abowitz announced he would replace himself as CEO (while remaining on the board) just that the company received a large lifeline with more Raising $350 million.

The article was written by Amit Caesar

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