Magic Leap raises $500 million in funding

Magic Leap today announced that it has raised $500 million in funding at a post-money valuation of roughly $2 billion. The new capital will further Magic Leap's focus on delivering best-in-class augmented reality (AR) solutions including the roll-out of its second-generation product, Magic Leap 2, in 2022.

"This investment is an important step in advancing Magic Leap's mission to transform the way we work," said Peggy Johnson, Chief Executive Officer of Magic Leap. "Since joining Magic Leap in 2020, my focus has been on accelerating the company's shift to the enterprise market, strengthening our technological foundation, and building a robust business across sectors ranging from healthcare and manufacturing to defense and the public sector. With ongoing support from our existing investors, Magic Leap will have greater financial flexibility and the resources needed to continue our growth trajectory as we expand on our industry-leading AR technology."

The new headset will be an enterprise-focused device. Johnson described the target demographics being surgeons, the defense sector, and manufacturing. That tracks with a blog penned today by Johnson on her one-year anniversary at Magic Leap, in which she emphasizes that the company will focus on the enterprise space.

A previous veteran of Qualcomm and Microsoft, Johnson took over the reigns from company founder Rony Abovitz in 2020 to help pivot Magic Leap away from its roots as a company appealing to prosumers and businesses, and focusing entirely on the enterprise segment.

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