Magic Leap is raising upto $1bn in new funding round

By : |October 13, 2017 0

AR mystery startup Magic Leap is looking to raise up to $1 billion in a new funding round. The company, based in Florida, has authorized the sale of more than 37 million shares of Series D stock at $27 each to raise about $1 billion, according to a filing with the State of Delaware obtained by venture data company CB Insights.

This round withstanding, the company has publicly announced nearly $1.4 billion in funding coming from high-profile investors that includes Google, Alibaba, and Andreessen Horowitz.

The filing does not mean that the company will raise that much, it may be less also. The filing did not reveal any details of exactly how much Magic Leap has raised. The latest funding could be helpful for the company as they are secretly building a pair of smart glasses that will use advanced computers and cameras to integrate graphics into the real world.

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Bloomberg reported last month  that the Florida based-startup was in talks with Singapore’s Temasek Holdings for additional financing. The startup is also said to be  readying itself to begin shipment of its device to a “small group of users” in the next six months at a price that could be as much as $2,000.

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