Magic Leap Raises $542 Million in Series B Funding

Funds to Accelerate Development and Commercialization of The World's Next Visual Computing Platform

Google Leads Series B Investment in Magic Leap

Oct 21, 2014, 07:02 ET from Magic Leap, Inc.

DANIA BEACH, Fla., Oct. 21, 2014 /PRNewswire/ -- Magic Leap, Inc. ("Magic Leap") announced today that it has completed a $542 million Series B financing.  The company will use the proceeds to accelerate product development, release software development tools, expand its content ecosystem, and commercialize its proprietary mobile wearable system.

The financing was led by Google Inc., with participation from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, Legendary Entertainment, including a personal investment from CEO Thomas Tull, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Obvious Ventures, and other investors.

Sundar Pichai, SVP of Android, Chrome and Apps at Google Inc., will join Magic Leap's board of directors. Dr. Paul E. Jacobs, Executive Chairman of Qualcomm Incorporated and Don Harrison, Vice-President, Corporate Development at Google Inc. will join the board of directors of Magic Leap as observers.

"We are excited and honored to have such an extraordinary group of investors to help us bring our vision and products to the world," said Rony Abovitz, president, CEO and founder, Magic Leap, Inc.  "Magic Leap is going beyond the current perception of mobile computing, augmented reality, and virtual reality. We are transcending all three, and will revolutionize the way people communicate, purchase, learn, share and play."

Sundar Pichai , SVP at Google remarked, "We are looking forward to Magic Leap's next stage of growth, and to seeing how it will shape the future of visual computing."

Allen & Company LLC and Morgan Stanley & Co. LLC served as financial advisors to Magic Leap in connection with the transaction.

About Magic Leap, Inc.
Magic Leap, Inc. was founded in 2011 by Rony Abovitz and his band of modern wizards. It is headquartered in Florida with locations in Santa Cruz, Los Angeles, Mountain View, Seattle, Austin, and New Zealand.

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SOURCE Magic Leap, Inc.