The Future Of Entertainment?
Alternative reality technology powerhouse Magic Leap promises a fundamental shift in how we consume content. The company is also notoriously secretive about its product. Few have had the chance to experience it but those that have think its something, well, magical.
The Florida-based company founded in 2011 has around 500-1000 employees. The company has already raised an estimated $2.8 billion dollars from investors like Alibaba, Google, Warner Brothers, and Morgan Stanley. But what is it exactly?
The company has not yet released a product to the public. What we know so far is that it is some kind of wearable technology similar to other augmented reality products like Microsoft’s HoloLens. Augmented reality (as opposed to virtual reality) allows users to interact with the actual environment around them as opposed to wearing goggles that completely block out the surroundings. The allure of augmented reality is the ability to enrich one’s surroundings with functionality like pop-up screens or games.
Magic Leap has been very secretive about their product, and with good reason. The market for augmented reality is growing and competitive. The company has just filed a new funding round authorizing up to $1 billion in new stock sales. The Series D preferred stock round is priced at $27 per share and has an authorized 37 million shares to be made available. This would leave the company with a post-money valuation between $6-7 billion.