Magic Leap raises $461M from Saudi Arabia fund

The secretive augmented reality startup, Magic Leap has raised $461 million in its latest funding round, led by the Kingdom of Saudi Arabia’s sovereign investment arm.

Though the company hasn’t released a product till date, they continue to raise a lot of cash. The company said it raised $963 million in the series D round, taking the total funding to over $2.3 billion to date.

“The Magic Leap team and I are happy to welcome The Public Investment Fund and the other new investors to the Magic Leap family. We look forward to having them join us on our journey to build an amazing future,” CEO Rony Abovitz said in a statement.

Saudi Arabia’s Public Investment Fund joins a clutch of global names such as Google, Alibaba, Qualcomm, Time Warner’s Warner Bros and JP Morgan Investment Management which have invested in Magic Leap.

The Florida-based company, which employs about 1,400 people, is working on an augmented reality headset that superimposes 3-D virtual images on the real world. Magic Leap says it will ship the device some time this year.