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Magic Leap Seeks to Raise Another $500 Million (Report)

Mixed reality hardware startup Magic Leap is in talks to raise a new $500 million round of funding, according to Bloomberg. The new financing is reportedly being led by Singapore-based Temasek Holdings, and would value the company at around $6 billion.

Magic Leap 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. 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.

Magic Leap has yet to announce any of its products, but Bloomberg reported Thursday that it was getting ready to release a first version within the next 6 months. This version, which may only be available on a limited basis, could cost anywhere from $1500 to $2000, according to that report.

The device is being described as a pair of glasses bigger than your average sunglasses, but smaller than a typical VR headset. It would also require users to carry around a small puck, which is presumably used to generate images for the glasses.

Magic Leap’s approach of focusing on the headset is different from the way big tech companies like Apple, Google and Facebook are approaching augmented reality (AR). The three tech giants are all focused on mobile phone-based augmented reality instead, and are trying to make AR apps popular with millions of consumers before AR werables are ready for the mass market.

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