Vertical Divider
Magic Leap Gets $350m Bailout
May 24, 2020
Business Insider reported that Magic Leap has received a $350 million lifeline, a month after slashing 1,000 jobs and dropping its consumer business. CEO Rony Abovitz sent a note to staff announcing the funding, courtesy of unnamed current and new investors. What had been a lavishly funded augmented reality company still plans to turn all of its focus to the enterprise, as previously announced — a move that puts it direct competition with Microsoft’s HoloLens and Google Glass.
Figure 1. Magic Leap Device
May 24, 2020
Business Insider reported that Magic Leap has received a $350 million lifeline, a month after slashing 1,000 jobs and dropping its consumer business. CEO Rony Abovitz sent a note to staff announcing the funding, courtesy of unnamed current and new investors. What had been a lavishly funded augmented reality company still plans to turn all of its focus to the enterprise, as previously announced — a move that puts it direct competition with Microsoft’s HoloLens and Google Glass.
Figure 1. Magic Leap Device
