Magic Leap Confirms $500 Million Finance Round Led by Temasek

Mixed reality hardware startup, Magic Leap has confirmed that it has raised $502 million in a funding round led by Singapore’s sovereign wealth fund Temasek.

The firm previously raised more than $1.3 billion from investors including Google, Alibaba and Qualcomm, and was valued $4.5 billion at the point of its last fundraise in early 2016. Bloomberg reported in September that the new funding round would likely create a valuation of around $6 billion.

The company, which is headquartered in Florida, has been developing a pair of mixed reality glasses that would superimpose digital animation over a view of the real world.

Other new investors include EDBI (a Singapore-based global fund), Grupo Globo from Brazil, and Janus Henderson Investors. Existing investors participating in this Series D financing include Alibaba, Fidelity Management, Google, J.P. Morgan Investment Management, and T. Rowe Price.

Temasek is the same state-backed, long-term investor that recently bought a stake in Hollywood talent agency CAA. Temasek was founded in 1974 and at present has an investment portfolio of $197 billion, most of it concentrated in Asia. Its other media and entertainment sector holdings include Alibaba, Viu, the pan-Asian streaming service operated by PCCW, and Soundcloud.

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