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Magic Leap raised $500 million to make another AR headset

Magic Leap announced on Monday that it has raised $500 million in funding and is preparing to release a new AR headset, the Magic Leap 2, next year. The company says the headphones will be widely available next year and are being used by "selected customers" as part of early access plans.
With the new funding, "Magic Leap will have the greater financial flexibility and the resources it needs to continue our growth trajectory as we expand our industry-leading AR technology," Chief Executive Peggy Johnson said in a statement. She unveiled the new device on CNBC on Monday.
MagicLeap2 - The industry's smallest and lightest device. Built for the enterprise, it is more immersive and comfortable, with maximum field of view and dimming -- a first-to-market innovation that can be used in brightly lit environments.
Magic leap, of course, is the company began its mysterious based on "augmented reality" technology start-ups, received nearly $3 billion to fund it to consumers based on headphones, "augmented reality" technology is changing its name from leap 1 magic headset a creator version to attract professional customers. The company laid off 1,000 employees in 2020, about half of its workforce, and is reportedly abandoning its consumer business. Co-founder and CEO Rony Abovitz left the company in July 2020 and was replaced by Johnson.

In April, Johnson said Magic Leap's limited second-generation headphones, which will be 20 percent lighter and have double the field of vision, will ship later this year. According to Monday's announcement, the Magic Leap 2 will be the industry's smallest and lightest device for businesses, "designed to increase enterprise adoption of AR."
In a separate post on Monday, Ms. Johnson reflected on her first year as Magic Leap's chief executive. She also cited research from IDC that said the AR/VR market is expected to grow to $140 billion by the end of 2024.
She lists the company's corporate clients, including Ericsson and Farmers Insurance, which used the company's technology to train new employees remotely during the pandemic. Magic Leap already has strategic partnerships with Google Cloud, PTC, NVIDIA and VMWare, 
Johnson said Magic Leap's core business is focused on enterprise solutions, Johnson said, but he added that "there is still a lot of interest in the consumer side of Magic Leap technology."We have received several applications to license our technology, and we will actively pursue those opportunities if they enhance our position in the enterprise market and our ability to innovate."
 

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