Magic Leap Secures Nearly $800 Million in New Funds for Blending of Virtual and Real Worlds

Published by , February 15, 2016 1:21 am

(WSJ) Magic Leap has raised nearly $800 million in new funding from investors that include Alibaba, Warner Brothers, and Google. Earlier in February, the startup confirmed another big step toward its augmented reality headset with this new funding from firms in tech, finance and entertainment. Chinese Internet giant Alibaba Group Holding Ltd. led the funding round, which Magic Leap says values the Dania Beach, Fla., company at $4.5 billion. Joe Tsai, Alibaba’s executive vice-chairman, will join its board.
The founder  promises will bring users Harry Potter-like experiences. Magic Leap is creating goggles that can project 3D images onto the viewer’s retina so the digital world appears to interact with real life. This technology differs from the virtual-reality technology developed by Facebook Inc.’s Oculus unit and others that place people entirely into a digital space.

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