Magic Leap, Inc., a Dania Beach, Florida-based developer of a visual computing platform, completed a $542m Series B financing.
The round was led by Google Inc., with participation from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, Legendary Entertainment, including a personal investment from CEO Thomas Tull, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Obvious Ventures, and other investors. In conjunction with the funding, Sundar Pichai, SVP of Android, Chrome and Apps at Google Inc., will join Magic Leap’s board of directors. Dr. Paul E. Jacobs, Executive Chairman of Qualcomm Incorporated and Don Harrison, Vice-President, Corporate Development at Google Inc. will join the board of directors of Magic Leap as observers.
The company will use the proceeds to accelerate product development, release software development tools, expand its content ecosystem, and commercialize its proprietary mobile wearable system.
Led by Rony Abovitz, president, CEO and founder, Magic Leap develops novel wearable computing interfaces and software, known as Cinematic Reality™ focused on creating immersive experiences. The company, which has locations in Santa Cruz, Los Angeles, Mountain View, Seattle, Austin, and New Zealand is massively hiring.