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Magic Leap Announces $502 Million Funding for Augmented-Reality Headset

Magic Leap, the still-in-stealth-mode company developing an augmented-reality headset, announced that it has raised $502 million in Series D equity funding, led by Singapore investment firm Temasek Holdings.

The funding brings Magic Leap, founded in 2011, to more than $1.8 billion raised to date — and the well-funded company has yet to publicly reveal what it’s working on.

The announcement confirms a report last month by Bloomberg on the company’s talks for its latest round of funding. Magic Leap is planning to ship an initial version of its headset — smaller than VR headsets like Oculus Rift but bigger than a pair of glasses — within the next six months, priced at $1,500-$2,000, according to the report.

New Magic Leap investors include EDBI, the investment arm of the Singapore Economic Development Board; Grupo Globo from Brazil; and Janus Henderson Investors. Existing investors participating the round include Google, Alibaba Group, Fidelity Management and Research Co., J.P. Morgan Investment Management, and T. Rowe Price.

Other previous investors include Warner Bros., Legendary Entertainment, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz and Obvious Ventures.

In a glimpse of what Magic Leap is developing, last year Disney’s Lucasfilm and its ILMxLAB R&D unit announced a strategic partnership with Magic Leap and released a proof-of-concept video with “Star Wars” droids C-3PO and R2-D2. Under the pact, the companies formed a joint research lab at Lucasfilm’s San Francisco campus to develop new forms of storytelling in an AR environment.

Other partners include Weta Workshop, Peter Jackson’s New Zealand-based VFX company, which is producing content for Magic Leap’s platform.

Magic Leap is based in Plantation, Fla., with offices in L.A., Sunnyvale, Calif., Seattle, Austin, Dallas, Zurich, New Zealand and Israel. According to the company’s vaguely worded mission statement, it is aiming “to harmonize people and technology, amplifying the best parts of you, to create a better, more unified world.”

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